B.Grimm Power Public Company Limited (SET: BGRIM) has informed the Stock Exchange of Thailand that B.Grimm Solar Power Inc., a wholly-owned subsidiary of BGRIM, has subscribed newly-issued shares of Caronsi Solar Energy Corporation, a company established under the laws of the Republic of the Philippines, undertaking and developing a solar PV power project with an installed capacity of 65 megawatts, resulting in holding 97% of the total issued shares. The total subscription amount is PHP 200 million (equivalent to approximately THB 118.52 million).
The project is located in Tuguegarao City, Cagayan Province, Northern Luzon, Philippines. The project holds a 25 years (renewable) right to dispatch and sell solar-generated output from the project under solar energy operating contract with the Department of Energy and secured long-term 25 years (renewable) land lease rights and has obtained all requisite permits and licenses from all relevant authorities, especially being granted of the BOI Green Lane, affirming its readiness to proceed with development and construction.
The plant is scheduled to commence commercial operations in the first quarter of 2027. This project marks BGRIM’s second utility-scale solar power plant in the Republic of the Philippines.
Recognizing the Republic of the Philippines’ significant electricity demand, this investment is strategically positioned to drive the advancement of the clean-energy sector, expand BGRIM’s investment footprint across the ASEAN region and strengthen its renewable-energy portfolio in alignment with global energy-transition trends.
Collectively, these initiatives will underpin sustainable business growth and advance BGRIM’s long-term strategic objectives.
