Bangkok-based B Grimm Power Pcl’s wholly owned subsidiary, B Grimm Solar Power 1, has entered into a share purchase agreement with Pramote Laocharoenwong, who is not connected with the company, to acquire all shares of Cambodia’s Ray Power Supply Co Ltd for a total value of $300,000.
According to its filing with the Stock Exchange of Thailand on Monday, the transaction is in accordance with the principle approved by the Board of Directors on Wednesday.
The acquisition is currently awaiting approval from the Ministry of Mines and Energy and relevant competent authorities of Cambodia.
Ray Power Supply has been granted the right to develop a ground-mounted solar farm project in Banteay Meanchey province’s Sisophon town, pursuant to the power purchase agreement for 30MW with Electricite du Cambodge (EdC) with the term of 20 years.
The scheduled commercial operation date is October 2020.
Last month saw the inauguration of Dau Tieng Solar Power Complex – the largest solar power plant in Southeast Asia – by B Grimm Power and Vietnam’s Dau Tieng Energy JSC in Vietnam’s Tay Ninh province – which borders Cambodia’s Tbong Khmum and Svay Rieng provinces – at a cost of more than 9.1 trillion dong ($392 million), Viet Nam News reported.
B Grimm Power has set aside more than 38.5 billion baht ($1.28 billion) for investment in its power projects with the aim of achieving 5,000MW by 2022, CEO Preeyanart Soontornwata said after the inauguration.
THE NATION (THAILAND)/ASIA NEWS NETWORK