The Asian Development Bank (ADB) has agreed to provide a $235m loan to Thailand-based B.Grimm Power to further develop and enhance its renewable production capacity in member countries of the Association of Southeast Asian Nations (ASEAN), including Cambodia, Indonesia, Lao People’s Democratic Republic, Myanmar, the Philippines and Vietnam.
The loan will be used by B.Grimm Power to support the implementation of the ASEAN Distributed Power Project, ensuring that utility-scale solar, wind, biomass, waste-to-energy and gas-fired power infrastructure are operational.
ADB Private Sector Operation’s Department director-general Michael Barrow said: “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.
“ADB is proud to once again partner with B.Grimm Power as it continues its expansion strategy in ASEAN member countries.”
With the implementation of the project, B.Grimm Power expects to increase the distributed power generation capacity by more than 50% to 2,500MW by 2022, while the renewable energy capacity in its portfolio will rise from 10% to 30%.
Last July, ADB acquired a certain stake in B.Grimm Power as part of the company’s initial public offering by investing THB1.96bn ($57.7m).