06 September 2021

B.Grimm Power and Singha Estate formalise JVs in three co-generation plants

B.Grimm Power holds 70%, Singha Estate holds 30% in each JV

Bangkok, 6 September 2021 – B.Grimm Power PCL (BGRIM) and Singha Estate PCL (S), today, announced that they have formalised and completed shareholding transactions in two power generation companies. This follows the completion of another transaction in a third power generation company in July 2021. B.Grimm Power now holds 70% and Singha Estate holds 30% of the three power generation companies located in the S Industrial Estate Angthong.

With a combined generation capacity of 403 megawatts (MW), the three companies are B.Grimm Power (Angthong) 1 Limited, operating a 123 MW combined cycle co-generation power plant; and two greenfield operations that have licences owned by B.Grimm Power (Angthong) 2 Limited and B.Grimm Power (Angthong) 3 Limited, each with 140 MW capacity and a 90 MW Power Purchase Agreement (PPA) with the Electricity Generating Authority of Thailand (EGAT) for 25 years.

Dr. Harald Link, Chairman and President of B.Grimm Power PCL, said, “As the Utilities Solution Provider, BGRIM see opportunities to collaborate for SMART Eco Industrial Estate including the solutions for 1) Electricity and Transmission & Distribution along with the preparation for the readiness of digital platform, 2) Gas distribution, 3) Smart Solution together with Solar Rooftop and Floating for efficiency improvement and energy saving of industrial users (IU), 4) Energy Trading for P2P, 5) Renewable Energy Certificate (REC) to assist IU for reducing greenhouse gas emissions and achieving sustainable goal and 6) Energy Storage System to support the reliability and efficiency of renewable. We are delighted to have powerful strategic partners like Singha Estate as we advance on that journey.”

Mrs. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate PCL, said, “Singha Estate is proud to have rapidly become a major player in Thailand’s power generation sector through these joint ventures with one of Thailand’s most respected names in power generation. The businesses have attractive returns and, even more importantly, give Singha Estate synergies with our three core property businesses of commercial property, residential property, and resorts and hotels.”

“During 2021, we have been developing alliances with businesses that complement our core property business and which are all leaders in their respective sectors. We intend purposefully to pursue that strategy, regardless of COVID-19, and fulfil our long-term growth ambitions,” she added.

“BGRIM’s value propositions are 1) Optimizing Utilities Consumption by efficient management of electricity, cooling, heating, gas supply and water resource, 2) One-stop Solution by offering all equipment and management tools under the synergy of companies under B.Grimm group, 3) Efficient Power Management by energy-efficient solution to lower carbon footprint, 4) Expertise in the field by providing best in class expertise to differentiate offerings and 5) Long-term Partner with commitment of “Doing Business with Compassion for the Development of Civilization in Harmony with Nature,” Dr. Link added.

The three joint ventures are expected to generate at least 7,800 million baht in revenues during in 2024.