B.Grimm Power Plc (BGRIM), the power generation arm of Thailand’s oldest trading conglomerate B.Grimm Group, expects to see its revenue grow by 8-10% next year thanks to production capacity expansion.
Harald Link, chairman and president of BGRIM, said the company expects to add capacity of 1,000 megawatts next year under power purchase agreements.
To achieve its goal of 1 gigawatt, BGRIM plans to allocate capital spending worth 100 billion baht to expand its business through new development projects and asset acquisitions in Thailand and overseas.
Some 30% of the budget will come from sources including cash on hand, while the remaining 70% will come from loans, he said.
Mr Link declined to unveil the details of new asset purchases next year, saying many companies have approached BGRIM to talk about deals.
In 2022, new power plants expected to commence operation will increase electricity generation capacity by 23% to 3.54GW, up from 2.89GW as of November.
These include eight new units of small power producers, with a combined capacity of 1.06GW.
Five of these facilities are being developed, while another three units are newly acquired assets in October.
BGRIM also plans to operate a hybrid renewable energy system with 18MW of capacity at U-tapao airport in Rayong province and Renikola solar farm with a capacity of 88MW in Malaysia.
The company acquired the 48MW Huong Hoa wind power farm in Vietnam, located in Quang Tri province.
The deal, which was concluded last month, is part of BGRIM’s plan to be a leader in the renewable energy business in Asia-Pacific.
The company announced it aims to achieve a net-zero emission goal within 2050 by increasing its renewable power proportion to 25%, up from 8% of total electricity generation capacity in 2018.
BGRIM also cut greenhouse gas emissions by 8.9% from 2018 levels to 0.37 tonnes of CO2 equivalent per megawatt-hour.
Mr Link said the company set a long-term business plan that aims to increase power generation capacity to 7.2GW within 2025 and 10GW within 2030.
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