March 6 (Renewables Now) - Thai infrastructure developer B.Grimm Power Public Company (SET:BGRIM) has struck power purchase agreements (PPAs) for seven solar projects in Thailand totalling 30.83 MW.
In a statement on the Thailand stock exchange, B.Grimm Power said it has been awarded a project sponsor status for the specific schemes and will collaborate with the War Veterans Organization of Thailand (WVO) and agricultural cooperatives. It will co-develop five of the projects, with a combined capacity of 23.58 MW, with WVO, while its partners in the other two schemes, totalling 7.25 MW, will be the The Chon Daen and the The Ban Na Doem agricultural cooperatives.
The Thai company, a unit of B.Grimm Group, had a deadline to sign the PPAs with electricity distribution authorities by March 2.
Last month, the Asian Development Bank (ADB) said it will extend a loan of up to USD 235 million (EUR 191m) to support B.Grimm Power in the development of renewable energy and distributed generation (DG) projects in Southeast Asia. The financing will enable the company to lift its DG capacity by over 50% to 2.5 GW by 2022 and expand the share of renewables in its portfolio to 30% from 10% now.
(USD 1.0 = EUR 0.811)