B.Grimm Power Public Company Limited (SET: BGRIM) announced on December 20, 2022 that B.Grimm Power Korea Limited (a subsidiary) has certain development and commitment to invest in wind power projects in the Republic of Korea under the related share purchase agreements.
1. Entry into a share purchase agreement with Goni Jodo Co., Ltd. to acquire 70% shares in Jodo Wind Power Generation Co., Ltd, with a total investment of KRW 700,000,000 (equivalent to USD 536,000).
The objective of the investment is to expand its investment in an offshore wind power project with an installed capacity of 517 MW. The project is currently conducting an approval process for the relevant approvals to be granted for the construction to be commenced.
2. Entry into a share purchase agreement with Shinan -Eoui Wind Power Co., Ltd. to acquire 15% shares with the investment of KRW 1,950,000,000 (equivalent to USD 1,500,000).
The objective of the investment is to expand its investment in an offshore wind power project with an installed capacity of 99 MW. The construction is scheduled to commence in the first quarter of 2023 and scheduled commercial operation in the third quarter of 2025.
3. Entry into a share purchase agreement with Cheonsa-Eoui Wind Power Co., Ltd. to acquire 15% shares with the investment of KRW 1,950,000,000 (equivalent to USD 1,500,000).
The objective of the investment is to expand its investment in an offshore wind power project with an installed capacity of 99 MW. The construction is scheduled to commence in the first quarter of 2023 and scheduled commercial operation in the third quarter of 2025.
4. Entry into a share purchase agreement with Goni Gunghung Co., Ltd. to acquire 70% shares of Gunghung Offshore Wind Power Co., Ltd. with the investment of KRW 700,000,000 (equivalent to USD 536,000).
The objective of the investment is to expand its investment in an offshore wind power project with an installed capacity of 240 MW. The construction is scheduled to commence in the third quarter of 2023 and scheduled commercial operation in the first quarter of 2026.
The investment in renewable projects in the Republic of Korea marks B.Grimm Power’s significant milestone into the Korea energy market and is aligned with its strategy to expand renewable energy business in Asia region and catalyze the renewable portfolios in partnership to pursue net zero carbon emissions.
