B.Grimm Power Public Company Limited (BGRIM) has declared the resolution of the Board of Directors’ Meeting through SET on August 16, 2018, regarding an investment by the related subsidiaries in Solar Power Plant Project at Phu Yen Province, Socialist Republic of Vietnam, with approximate installed capacity of 257 MW.
BGRIM’s subsidiary, B.Grimm Renewable Power 2 Limited, has signed a Shares Purchase Agreement on August 16, 2018 in order to purchase shares of Phu Yen TTP Joint Stock Company (the “Project Company”) from Truong Thanh Viet Nam Group Joint Stock Company (“TTVN”) and Mr. Nquyen Anh Tuan and Mr. Dang Tran Quyet who are shareholders of the Project Company.
In the agreement, BRIM will hold 80% stake (80 million shares) of Phu Yen TTP Joint Stock Company with a total of 35,200,000 USD or around 1 billion baht (1 USD = 33.28 THB) in value. While another 20 percent of ordinary shares in Phu Yen TTP.
Investment is under the power purchase agreement for 214.16 Megawatts with the term of 20 years with Electricity of Vietnam (EVN). The Scheduled Commercial Operating Date (COD) of the project is expected to be June 30, 2019.
According to Kaohoon Online’s earlier report on BGRIM’s investment, the commercial rate would be 0.0935 USD KW/H.