B.Grimm Power Public Company Limited (“B.Grimm Power”) recently announced that the long-term Power Purchase Agreement (“PPA”) with Electricity Generating Authority of Thailand (“EGAT”) and industrial users were signed, regarding to the developments of 5 combined cycle cogeneration power plants to replace the expiring power plants (SPP Replacement) and 2 new SPP power plants (“BGPR 1-2”) with technology supports from Siemens and Toshiba Plant Systems & Service Corporation (TPSC).
Furthermore, the source of capital has strong support from several financial institutions together with the solid financial status with THB 19 billion cash on hand and the net interest-bearing debt to equity ratio of 1.1 times for the consolidated level and 0.5 times for company level as of mid-2020. These 5 SPP replacement projects with total capacity of 700 megawatts are scheduled for commercial operation in 2022 to replace some existing SPP projects with total capacity of 564 megawatts, consisting of Amata B.Grimm Power 1 project, Amata B.Grimm Power 2 project, B.Grimm Power (Laem Chabang) 1 project and 2 projects under B.Grimm Power (AIE-MTP).
The capacity for industrial users might increase to support strong demands in the Eastern Economic Corridor (EEC) zone whereas the PPAs with most industrial clients were already signed as well.
The capacity allocated for EGAT has been declined from 350 megawatt to 150 megawatt. For the development BGPR 1-2 projects, the total installed capacity is 280 megawatt, the signed PPAs with EGAT are 90 megawatt per project, the location is World Food Valley Thailand Industrial Estate and the scheduled commercial operation is 2023.