TRIS Rating reaffirms confidence in B.Grimm Power, affirms “A” rating with “Stable” outlook, reflecting robust cash flow from diverse power plant projects worldwide TRIS Rating maintains the corporate credit rating of B.Grimm Power at “A” and the senior unsecured debenture rating at “A-“. At the same time, it maintains the rating for subordinated capital debentures at “BBB+“, with a “Stable” outlook.
Ms. Siriwong Borvornboonrutai, President – Finance and Accounting, B.Grimm Power Public Company Limited (SET: BGRIM), stated that TRIS Rating Co., Ltd. announced the maintenance of the corporate credit rating for B.Grimm Power at “A”, while the rating for senior unsecured debentures was kept at “A-“, and for subordinated capital debentures at “BBB+”. The credit rating outlook remains at “Stable”, reflecting the company’s reliable cash generation from its large and well-diversified power plant asset base, in terms of both fuel type and investment location across various regions.
Additionally, B.Grimm Power is supported by long-term power purchase agreements (PPAs) with credible counterparties, including government agencies and industrial clients, which further enhances revenue certainty. The Electricity Generating Authority of Thailand (EGAT) (AAA/Stable) remains the main power purchaser, accounting for approximately 65% of total revenue. Meanwhile, sales revenue from electricity and steam to domestic industrial clients represents about 25% of total revenue, with the remainder coming from renewable energy plants in various regions, as well as the strong operating results of its combined cycle power plants, which are its core business.
In terms of business risk, B.Grimm Power’s profile remains strong, benefiting from long-standing expertise in the combined cycle power plant business and a diverse customer base. The company also continues to expand investments through new greenfield projects to balance its combined cycle and renewable power assets. As of February 2026, the company had more than 60 power plant projects in operation worldwide, with total installed capacity (proportionate to its ownership) of 2,890 megawatts, reaffirming its status as one of Thailand’s largest private power producers. Co-generation power plants fueled by natural gas remain the key driver, with a proportionate installed capacity of 1,798 megawatts, or about 62% of total capacity. These plants are located in eight industrial estates across Thailand.
Currently, B.Grimm Power is experiencing rapid growth, with numerous development projects under way. The company continues to diversify its investment focus on renewable power plants, through the commercial commissioning of new projects and strategic investments. Key additions include solar power plants in Thailand and the Philippines, a wind power plant project in South Korea, and investments in hydro power plants with battery energy storage systems in the United States, which together add approximately 194 megawatts of renewable capacity.
Ms. Siriwong further added that looking forward, the company plans continued investment expansion, with a particular focus on renewable energy, targeting over 50% of total power assets in this area, aiming for a total capacity of 10,000 megawatts by 2030. This strategy is supported by a variety of international projects, as well as domestic projects under government renewable energy programs. The company is also seeking to expand into digital infrastructure, such as data center projects for hyperscale clients, thereby increasing revenue diversity.
B.Grimm Power’s plants demonstrate high operational readiness, reflected in an availability factor of 91%-100% in 2025, exceeding the requirements in its PPAs. Moreover, the heat rate achieved in several projects is superior to contracted targets, indicating effective asset management.
Nevertheless, factors restraining the credit rating continue to include a relatively high debt burden, in part due to continuous investment expansion. TRIS Rating expects that during 2026-2028, the company’s capital investment may total as much as THB 24.5 billion, potentially raising financial liabilities to between THB 107–109 billion. Moreover, risks from ongoing projects remain, such as construction delays, rising costs, regulatory risks, exchange rate volatility, and foreign market conditions.
However, TRIS Rating expects that the company will continue to manage its debt burden through various risk mitigation measures, including careful investment selection, prioritizing ready-to-operate, cash-generating assets, as well as considering asset monetization, if necessary, to strengthen its financial standing. Liquidity remains adequate, with cash on hand of approximately THB 24.2 billion as of December 2025 and cash flows from operations, which together provide a sufficient cushion for upcoming debt maturities and future investment plans.
Regarding performance outlook, TRIS Rating expects steady revenue inflows from new projects and forecasts EBITDA to reach approximately THB 17 billion by 2028, despite ongoing volatility in global energy prices, especially natural gas, which is expected to remain elevated in 2026 before moderating in subsequent years.
