The Asian Development Bank (ADB) marked a loan equivalent of up with $235 million to B.Grimm Power Public Company Limited (B.Grimm Power), one of the biggest power makers based in Thailand, to create and upgrade sustainable energy capacity in part nations of the Association of Southeast Asian Nations (ASEAN).
“The development of renewable energy in Southeast Asia is critical to meet its energy needs and B.Grimm Power is at the forefront of the region’s fast-growing alternative energy sector,” said Michael Barrow, Director General of ADB’s Private Sector Operation’s Department. “ADB is proud to once again partner with B.Grimm Power as it continues its expansion strategy in ASEAN member countries.”
ADB’s financing will support B.Grimm Power’s implementation of the ASEAN Distributed Power Project, which will expand renewable and distributed power generation into new markets in ASEAN including Cambodia, Indonesia, Lao People’s Democratic Republic, Myanmar, the Philippines, and Viet Nam. The project will involve the execution and operation of distributed and utility-scale solar, wind, biomass, waste-to-energy, gas-fired power, energy storage, as well as associated infrastructure in ASEAN countries.
B.Grimm Power’s total distributed power generation capacity is expected to increase by over 50% to 2,500 megawatts (MW) by 2022, while the renewable energy share in its portfolio will rise from 10% to 30%.
ADB took a B1,968 million ($57.7 million) equity stake in B.Grimm Power as part of the company’s initial public offering in July 2017. ADB also administers a $20 million loan provided by the Canadian Climate Fund for the Private Sector in Asia under the Clean Energy Financing Partnership Facility.