B.Grimm Power PCL acquires 55% stake in 420 MW solar project in Vietnam

B.Grimm Power PCL has acquired a 55% stake in a 420 MW solar project in Tay Ninh, south-west of Vietnam for THB1.13 billion (USD34 million). 

Through a joint cooperation agreement with Vietnamese conglomerate Xuan Cau Co Ltd, B.Grimm bought 5.5 million shares, at THB 206.3 apiece, in Viet Thai Solar JSC from directors. The company now owns a majority stake in the project developer, Dau Tieng Ninh Energy JSC, while Xuan Cau will hold the remaining 45% of shares.

The solar photovoltaic power plant is scheduled to operate in June 2019. It is believed to be the largest solar project in the Association of Southeast Asian Nations (ASEAN). It is priced at a feed-in tariff (FiT) of USD 0.0935 per kWh for 20 years.