“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 BGrimm Power as it continues its expansion strategy in Asean member countries.”ADB’s financing will support BGrimm 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. ADB took a Bt1,968 million ($57.7 million) equity stake in B.Grimm Power as part of the company’s initial public offering in July 2017. BGrimm Power is a subsidiary of the 140-year old conglomerate BGrimm Group, operating in the energy industry since 1993 in Thailand. In recent years, B.Grimm has diversified into renewable energy and is operating 15 solar power plants and 2 hydro power plants.

Source: The Nation Bangkok February 23, 2018 18:22 UTC