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B.Grimm Power Public Company Limited enters into a Subscription Agreement with reNIKOLA Sdn. Bhd. (the existing shareholder), and reNIKOLA Holdings Sdn. Bhd. in order to purchase 285,216,652 newly issued ordinary shares of reNIKOLA Holdings Sdn. Bhd., or equivalent to 45% of total shares by B.Grimm Power (Malaysia) Sdn. Bhd., a 100% owned subsidiary of B.Grimm Power.
B.Grimm Malaysia has already completed the initial subscription according to the Subscription Agreement on 10 June 2022. The acquisition of shares in reNIKOLA Holdings Sdn. Bhd. resulted in B.Grimm Malaysia indirectly holding 45% of economic interests in SBU Power Sdn. Bhd., RE Gebeng Sdn. Bhd. and Halpro Engineering Sdn. Bhd., subsidiaries of reNIKOLA Holdings Sdn. Bhd.
SBU Power, RE Gebeng and Halpro Engineering are the owners of solar power projects which have a total installed capacity of 88 MWdc and have entered into a 21-year power purchase agreement with Tenaga Nasional Berhad (the only electric utility company in Peninsular Malaysia).
SBU Power’s solar plant is of 5.2 MWdc capacity located in Perlis, Malaysia and the company started its operation on 3 March 2018. RE Gebeng’s solar plant is of 38.9 MWdc capacity located in Pahang, Malaysia and the company began its operation on 22 January 2020.
Halpro Engineering’s solar plant is of 43.9 MWdc capacity located in Pahang, Malaysia and the company commenced its operation on 29 June 2021.