MANILA — The Asian Development Bank (ADB) on Friday signed a loan agreement of up USD235 million with a Thai firm to develop and enhance renewable energy in the Philippines and other countries of the Association of Southeast Asian Nations (ASEAN).
ADB’s financing will support B. Grimm Power Public Company Limited’s implementation (B. Grimm Power) of the ASEAN Distributed Power Project, which will expand renewable and distributed power generation into new markets in the region, also including Cambodia, Indonesia, Lao People’s Democratic Republic, Myanmar and Vietnam.
The project will involve the execution and operation of distributed and utility-scale solar, wind, biomass, waste-to-energy, gas-fired power, energy storage, as well as associated infrastructure in ASEAN countries.
“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,” Michael Barrow, Director General of ADB’s Private Sector Operation’s Department, said in a statement.
“ADB is proud to once again partner with B. Grimm Power as it continues its expansion strategy in ASEAN member countries,” said Barrow.
B. Grimm Power’s total distributed power generation capacity is expected to increase by over 50 percent to 2,500 megawatts (MW) by 2022, while the renewable energy share in its portfolio will rise from 10 percent to 30 percent.
The energy company, a subsidiary of Thailand’s 140-year-old conglomerate B. Grimm Group, currently has a total capacity of 1,779 MW, operating 13 gas-fired plants, with four more under development or construction.
In recent years, it has diversified into renewable energy and is operating 15 solar power plants and two hydro power plants.
ADB took a 1,968 million Thai Baht (USD57.7 million) equity stake in B. Grimm Power as part of the company’s initial public offering in July 2017. (PNA)
