Harald Link, CEO of B.Grimm Power Public Company Limited (SET: BGRIM), announced plans to commence commercial operation dates (COD) for multiple solar and wind power projects in Thailand, South Korea, and the Philippines by 2025, totaling approximately 600 megawatts.
BGRIM is committed to expanding its renewable energy investment portfolio across Japan, South Korea, the United States, Thailand, and the Asia-Pacific region, Europe, and the Middle East. The company seeks investment opportunities in countries with government policies supporting renewable energy development to achieve its growth targets.
The Nakwol offshore wind power project in South Korea, with a capacity of 365 megawatts, is scheduled to start COD from the 4Q25 onward. Meanwhile, BGRIM continues to explore additional investment opportunities in the Philippines, Cambodia, and the U.S.
New projects are anticipated to provide significant upside to BGRIM’s revenue, primarily through joint ventures or share profit operations. Major profits are expected from the Nakwol 1 project, which will be fully recognized in 2026.
Siriwong Borvornboonrutai, CFO of BGRIM, detailed the progress of ongoing construction projects slated for COD this year. These include full-year recognition from the Malacha hydropower plant in the U.S. with a capacity of 30 megawatts, the GIFU solar farm in Japan with 20 megawatts, and the 80-megawatt “Insee B.Grimm” solar plant in Thailand.
Additional projects include rooftop solar installations for Zhongce Rubber in Amata City Industrial Estate, Rayong, Thailand, with 35 megawatts; the “386” projects in the UAE, Saudi Arabia, and Bahrain, with a combined 27.5 megawatts; the Nakwol offshore wind farm in South Korea with 365 megawatts; and the ARECO solar plant in the Philippines with 65 megawatts.
The company has set an investment budget of THB 10-12 billion for 2025 to fund committed projects and potential M&A opportunities in wind energy projects in South Korea and the Philippines.
Each project’s debt-to-equity ratio will stand at approximately 3-to-1, while at least 1-2 M&A deals, including a renewable energy project abroad and a data center or joint venture investment, are expected to close this year.
Notably, on March 18, Odakura Kuchinashi Solar Park LCC, a subsidiary fully owned by Lohas ECE Spain Gifu Co., Ltd., successfully commenced COD for its solar power facility with a total installed capacity of 14 megawatts in Fukushima, Japan.
The project operates under a Power Sale Agreement with Tohoku Electric Power Corporation, offering a capacity of 10 megawatts at a Feed-in-Tariff (FiT) rate of JPY 24 per kilowatt-hour over 16 years. This venture marks the second solar farm for the company, following the Solar Gifu project COD at 20 megawatts in September 2021.
Analysts from Bualuang Securities have suggested that BGRIM’s planned COD of approximately 600 megawatts from solar and wind projects in Thailand, Korea, and the Philippines could yield full-year profits of around THB 500 million, enhancing upside potential by 30-40%.
In 2025, B.Grimm might not realize full-year earnings, with approximately 20% upside due to the major Nakwol project in South Korea is set to commence later this year; however, full-year profits will be realized in 2026.
The firm maintains a “Buy” recommendation for BGRIM stocks, setting a target price at THB 22.
