June 22, 2018 Read More →

Largest Southeast Asia solar plant to be built in Vietnam

Nikkei Asian Review:

BANGKOK—The power generating arm of Thailand’s oldest industrial conglomerate, B. Grimm, has partnered with Vietnamese construction firm Xuan Cau to develop the largest solar power plant in Southeast Asia at a cost of $420 million.

B. Grimm Power Public Company CEO Preeyanart Soontornwata said the deal was inked last week in Bangkok, witnessed by Prime Minister Prayut Chan-o-cha and Vietnamese Premier Nguyen Xuan Phuc. The 420-megawatt solar power plant will be located in Tay Ninh, southwestern Vietnam. Commercial operations are due to start by June next year.

B. Grimm, which started out in the Thai pharmaceutical business in 1878, is now a diversified corporation with interests in energy, building and industrial systems, health care, lifestyle, transport and real estate.

The joint venture recently finalized a deal with a contractor to perform engineering, procurement and construction services for the project, she said. Talks are under way with several local and international financial institutions for project funding, she added.

The venture is also expected to contribute to B. Grimm’s revenues from overseas power projects. B. Grimm has set a target for such projects to account for 30% of overall income in 2022, up from 6% currently. B. Grimm Power has also set a goal to have a total of 53 power projects with total power generating capacity of 2,938 megawatts in 2022. To achieve this, the company needs another 2,000 MW from new projects in neighboring countries such as Laos and Vietnam, as well as at home. The Thai government aims to increase the proportion of renewable power to 30% of total power generation in 2036, up from 12% currently.

More: Thai conglomerate to build ASEAN’s largest solar plant in Vietnam

 

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