BGRIM acquires Ang Thong Power’s 70% stake for 2.5bn baht

Energy Press Releases Wednesday March 18, 2020 09:33
Bangkok--18 Mar--B.Grimm Power
BGRIM acquires Ang Thong Power’s 70% stake for 2.5bn baht Consistently to sustainable growth roadmap
B.Grimm Power Plc (BGRIM) has sealed a 2.52-billion-baht deal for a 70% stake in Ang Thong Power Co (ATP), a small power producer.
The acquisition, made through wholly-owned B.Grimm Power (Chon Buri) 2 Co, consolidated BGRIM's outstanding portfolio to 3,019 MW and raising the total power plant network to 47.

BGRIM CEO Preeyanart Soontornwata said the share purchase of ATP, which operates a 123-MW co-generation facility in Chaiyaphum Sub-district, Chaiyo District, Ang Thong Province, is in line with BGRIM's on-going business expansion both at home and abroad.

The ATP interest acquired by BGRIM was held by Redman Pacific Holding Pte. Ltd which is not a connected juristic person of the company.
ATP has had an accord to sell 90 MW of its power production to the Electricity Generating Authority of Thailand (EGAT) for 25 years.
Mrs Preeyanart noted that there are also several projects under development and construction which will raise the company's total installed generating capacity to at least 3,547 MW in the near future.
BGRIM targets to boost its combined generating capacity to 5,000 MW in 2022 as per the power sale commitment stipulated in the period.
Regarding the impact of global economic conditions and COVID-19 pandemic, she insisted BGRIM's income is only slightly affected, thanks to the "take-or-pay" nature of BGRIM's power sales to the EGAT.
Furthermore, the other part of revenue earned by BGRIM is from renewable energy power plants which are supported by the governments in countries which it operates.
She pointed out that the 25% of its total revenue comes from electricity and steam sales to industrial customers whose energy demand has not shown any sign of sagging.
BGRIM's power sales to industrial customers in the first two months of this year rose 0.8% from the same period last year due to increased demand from packaging, air conditioning industry and others.
BGRIM has had a good line-up of industrial clients with a total power purchase commitment of 31 MW with delivery startup in the second and third quarter of this year.
There is still a significant demand for reliable power supplies by industries from BGRIM's power plants situated near them.
These industries include data centres, petrochemical industries and the manufacturers of alternative energy equipment

There are more than 1,500 industrial operators in industrial estates, where BGRIM power projects are located, but only 130 of them are being served by BGRIM, underscoring the fact could well become potential clientele of the company, she concluded.


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