Thai firm secures funding for solar power plant in Viet Nam
B.Grimm, one of the largest power-generation companies in Thailand, has secured a loan from the Asian Development Bank (ADB) to fund construction of a solar power plant in Viet Nam that would be one of the largest in the region, as Thailand’s prowess in renewables continues to grow.
“This project will support the rapid development of solar power capacity in Vietnam, advance the country’s low-carbon growth goals, and, we hope, catalyze further commercial bank financing for renewable energy,” said Jackie B Surtani, ADB’s director of infrastructure finance.
Surtani added that the ADB is committed to supporting B.Grimm in its long-term expansion into Viet Nam and its work in expanding renewable energy in Thailand and throughout the region.
Thailand is the largest producer of solar and wind power in Southeast Asia. In 2019, the Kingdom generated about 10 percent of its electricity from renewable sources. The Kingdom has a goal of sourcing 30 percent of its power from renewable by 2036.
Within the private sector, B.Grimm is a significant player in green energy. The firm is building the largest hydro-floating power plant in the world in northeastern Thailand by floating solar panels on a dam in Ubon Ratchathani province.
It is also building a second solar power plant in Viet Nam. Aside from the ADB-funded 257MW solar farm in Phu Yen, B.Grimm is also working on the 420MW Dau Tieng 1 & 2 in Tay Ninh, in the southwest of Viet Nam.
Other Thai energy firms are also increasing their adoption of renewables. BCPG, a private-sector firm, forged an agreement with Power Ledger, an Australian blockchain company, to set up a peer-to-peer solar power-sharing system in an area of Bangkok. The project has proven to be popular is the companies are planning to expand it to other places.