Thai conglomerate B.Grimm opens wind farm as profits rise
Green energy is paying dividends for Thailand’s B.Grimm. The multinational conglomerate opened a major wind farm last week while also reporting a record-high 50 percent increase in net profits for the second quarter of this year.
B.Grimm Chairman Harald Link said that his company intended to become a world-class energy producer by pursuing green-field developments and acquisitions at home and abroad. Its move into renewable energy is helping Thailand achieve its targets for reducing carbon emissions and sourcing more of its power from renewables.
“Our goal is to increase the proportion of clean energy in our portfolio that will go a long way to help curbing global warming and taking care of the environment in a sustainable way,” Link said.
Founded by two Europeans in Bangkok as a pharmacy in 1878, B.Grimm has evolved into a multinational conglomerate. Today, it has businesses in healthcare, energy, building and industrial systems, real estate, e-commerce, and transport and operates mainly around the Southeast Asian region.
Last week, it set the turbines in motion at its Bo Thong 1 and 2 Wind Farm in northeastern Mukdahan province. The facility is funneling 16 megawatts of power to the national grid under a 25-year agreement.
“Bo Thong Wind Farm’s commercial start-up represents another milestone in B.Grimm’s route map towards greater engagement in clean energy development,” Link said.
Rising power sales propelled a record 56.5 percent increase in the company’s net profits during the second quarter of this year. Link said that a 47.4 percent increase in its electricity sales to industrial customers in Thailand contributed significantly to B.Grimm’s improved bottom line.