B. Grimm Power agrees to develop largest solar project in Southeast Asia
B. Grimm Power has signed a Development Cooperation Agreement with Vietnamese conglomerate Xuan Cau to install a 420 MW solar power plant in Tay Ninh, in the south-west of Vietnam. The company claims that it is the largest solar project to ever be developed in Southeast Asia.
The developers intend to commence the commercial operation of the plant in June 2019. They have finalised a contract for the engineering, procurement and construction works, and are in the process of securing funding from local and international financiers.
The total development cost is estimated to be US$420 million.
The project is part of B. Grimm Power's drive to expand its international operations. The Thai company aims to derive 30% of its revenue from overseas projects by 2022. Last month, the company signed a Project Development Agreement with the Government of Lao PDR for a 340 MW hydropower project in the country.
In February the company signed a loan agreement with the Asian Development Bank (ADB) for the equivalent of US$235 million to support its expansion. The loan will be used to develop and enhance renewable energy capacity in member countries of the Association of Southeast Asian Nations (ASEAN). At the time of the announcement, neither party disclosed specific projects that would benefit from the loan - it seems reasonable to presume that this solar project and the hydropower project in Laos will.
There are many other solar projects currently in development in Vietnam. Earlier this month, Sunseap broke ground on a 168 MWp solar plant in the Ninh Thuan province of the country, thought to be the largest in development prior to B. Grimm Power's announcement.
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