Bangkok based B. Grimm Power PCL has signed a new power purchase agreement (PPA) with Vietnamese utility EVN for 420 MW of solar capacity.
B. Grimm Power told the Stock Exchange of Thailand SET) that it had agreed to pay US$0.935 per kWh for 20 years for power supplied from EVN’s solar project Tay Ninh province in southwest Vietnam.
Set to be commissioned by June 2019, EVN’s project will be the largest PV project in energy poor Souteast Asia.
However, with EVN agreeing to export the project’s total output, some politicians Vietnam are looking to limit such export.
Chinese companies are also increasing their influence in the region, with Shanghai based JinkoSolar agreeing to supply 240 MW of solar modules manufactured by another Chinese company, Powerchina Heading Engineering, for the second phase of construction of the 420-MW Tay Ninh plant.
B. Grimm Power chairman Harald Link said in a statement: “We will keep on expanding in many different countries in this region, and even beyond Southeast Asia.”
B. Grimm Renewable Power 2, a subsidiary of B. Grimm, has purchased an 80% stake in a 257-MW PV project in southern Vietnam that is also set to come online prior to June 2019.
The company is also said to be targeting South Korea in its plans for expansion. Earlier in 2018, B. Grimm Power signed a memorandum of understanding (MoU) with South Korea’s KEPCO to develop a 100-MW offshore wind facility in the Sea of Japan.
B. Grimm Power has also raised US$330 million in a initial public offering on the Thailand stock exchange to fund its expansion plans.