B.Grimm Power Plc, a Thai energy producer, is eyeing investments in renewable energy projects in China and Greece to expand its generating capacity by 2030. The company is looking into potential projects in both countries with a combined capacity of several hundred megawatts. This move is part of B.Grimm’s ambitious plan to increase its total generating capacity to 10 gigawatts by 2030, up from the current 4GW.
In an interview, B.Grimm’s chief executive officer Harald Link mentioned that the company has been actively growing its renewable energy business since 2015. The company already has generating plants in various countries, including the United States, Italy, Australia, and across Asia. B.Grimm is now aiming to focus most of its growth outside of Thailand, with plans to develop more solar and wind farms in South Korea.
Despite the risks involved in overseas investments due to different rules and regulations, B.Grimm believes that accelerating its foreign expansion is crucial to meeting its aggressive growth targets. In Thailand, the company is also planning to triple its imports of liquefied natural gas (LNG) next year to around 450,000 tons to support its domestic power plants. This decision comes after B.Grimm made its first direct LNG purchases this year following regulatory approval.
Although B.Grimm’s shares have dropped by 14% this year on the Stock Exchange of Thailand, the company remains focused on its long-term growth strategy. The market capitalization of B.Grimm is currently around 60 billion baht, and the company reported a 44% drop in net profit in the first half of the year due to reduced demand from industrial customers in Thailand.
The company’s expansion into clean energy projects in China and Greece reflects its commitment to sustainable energy development and its goal of becoming a key player in the global renewable energy sector. With a strong focus on renewable energy sources like solar and wind, B.Grimm is poised to play a significant role in the transition towards a cleaner and more sustainable energy future.