BGRIM adds South Korean wind farms
B.Grimm Power Plc (BGRIM) has bolstered its overseas investment in renewable energy by establishing partnerships and taking partial stakes in four wind farm projects in South Korea.
The company obtained an interest in Jodo Wind Power Generation, Shinan-Eoui Wind Power, Cheonsa-Eoui Wind Power and Goni Gunghung, with a total value of US$4.072 million and 955 megawatts in total installed generating capacity.
The partnership investment represents an effort by BGRIM to penetrate the South Korean energy market, where the Thailand-based power firm last year took a 49.9% stake in a 75.6MW wind power development.
Harald Link, president of BGRIM, said the investment in South Korean wind energy, at a total of 1,031MW so far, aligns with the company’s sustainable and renewable energy principles in Asia, supporting its drive towards achieving net-zero carbon emissions by 2050.
The partnership investments in the South Korean wind power schemes of B.Grimm Power Korea Ltd, a whollyowned subsidiary of BGRIM, comprise: a 70% holding worth $536,000 at par in Goni Jodo Co, which is engaged in an offshore wind farm with initial installed capacity of 517MW; a 15% interest worth $1.5 million consisting of the share purchase price, and payment of grid connection for pre-development costs in Shinan-Eoui Wind Power Co, which is building a 99MW offshore wind farm; a 15% stake valued at $1.5 million consisting of the share purchase price and payment of grid connection for predevelopment costs in Cheonsa-Eoui Wind Power Co, which is establishing a 99MW offshore wind energy facility; and a 70% stake worth $536,000 at par in Gunghung Offshore Wind Power Co, the sponsor of 240MW offshore wind generators.
In 2021, B.Grimm Power Korea took a 49.9% stake at par in KOPOS Co, which has already begun work related to the 75.6MW inland wind power farm.
B.Grimm Power Korea’s investments in Jodo Wind Power Generation Co and Gunghung Offshore Wind Power Co are subject to approval by the Ministry of Trade, Industry and Energy as well as related agencies of the South Korean government, according to legal procedures.
Following approval by the relevant authorities, the two firms are going to be deemed subsidiaries of BGRIM in accordance with rules and regulations.
Mr Link said BGRIM is committed to promoting sustainable business growth with good governance, as well as managing the value chain with social, economic and environmental responsibility.
All of BGRIM’s renewable energy power projects both at home and abroad have been developed to operate with efficiency, he said.
BGRIM aims to increase its global cumulative power capacity to 7,200MW by 2025, and to 10,000MW by 2030, with a revenue target of 100 billion baht per year, said Mr Link.