B.Grimm Power Public Company Limited (BGRIM) announced that on 16 November 2021, B.Grimm Renewable Power 1 Limited (a 100% owned subsidiary of BGRIM), as purchaser, has completely reached the conditions precedent under the Share Purchase Agreement with Mr. Nguyen Van Quan, as seller (a non-related person of BGRIM), and was granted approval by relevant regulatory authorities of the Socialist Republic of Vietnam to acquire 80% of total share capital of Huong Hoa Holding Joint Stock Company at the total share purchase price of VND 161,000,000,000 (or equivalent to approximately USD 7 million (as of 16 November 2021)).
This transaction was made in accordance with the resolutions of BGRIM’s Board of Directors’ Meeting No. 8/2021 held on 11 August 2021, and No. 12/2021 held on 11 November 2021.
Huong Hoa Holding Joint Stock Company is the 100% shareholder of Huong Hoa 1 Project, located at Huong Tan commune, Huong Hoa district, Quang Tri province, the Socialist Republic of Vietnam, which is the developer of a 48MW wind power project under power purchase agreement with Electricity of Vietnam (EVN), the Socialist Republic of Vietnam.
Additionally, according to a source close to the matter, BGRIM is considering future investments in both “onshore” and “close-coast” wind farms in Vietnam.
BGRIM aims to invest in five to six additional projects with a combined capacity of approximately 480-525 megawatts within the next year(2022), which will include projects that have already begun commercial operation date (COD) and are currently under construction.