B.Grimm Power Public Company Limited (SET: BGRIM) is continuing to seek overseas investment opportunities, particularly in Vietnam and Malaysia, where electricity demand is expected to rise in line with economic growth, said Nopadej Karnasuta, President of Thailand, Malaysia and Energy & Industrial Solutions Business.
In Vietnam, BGRIM sees strong potential as the economy is expected to grow around 7 – 8% annually. The country’s PDP 8 has already been announced and details of power purchase agreements (PPA) for independent power producer (IPP) projects are under review, covering natural gas-fired power plants, nuclear energy, higher renewable energy contributions and reduced reliance on coal.
BGRIM said a key issue is the structure of PPA terms, particularly the balance between capacity payments and fuel costs, to ensure fairness for both the government and operators. The company believes Vietnam needs to reach a conclusion quickly, as delays in new projects could increase the risk of electricity shortages and power outages in the future.
BGRIM currently has projects in Vietnam comprising around 677 MW of solar farms and about 100 MW of wind power. The company is also developing a 1,500 MW natural gas-fired power plant, bringing total projects in the country to around 2,277 MW.
Malaysia is another market of interest, with energy challenges similar to Vietnam and electricity demand expected to grow alongside annual economic expansion of around 6 – 7%. BGRIM currently has around 200 MW of solar projects in Malaysia and another 400 MW in the pipeline. The company is also studying a 1,500 MW natural gas-fired power plant with partners, with a conclusion expected by the end of this year. Total projects in Malaysia amount to around 2,100 MW.
In Thailand, BGRIM is awaiting clarity on the country’s power development plan 2026 (PDP 2026). The company believes the key priority should be making full use of existing power generation capacity, especially plants capable of producing both electricity and steam to serve industrial customers.
BGRIM also sees contract renewals for efficient IPP and small power producer (SPP) plants as an option the government should consider. The company currently has 22 power plants proposed for contract renewal, representing around 3,000 MW, which are important for industrial customers requiring continuous electricity and steam supply.
The company added that regulatory improvements should allow existing power capacity that cannot yet be fully traded—such as solar energy and surplus electricity during low-demand periods—to enter the market more efficiently.
BGRIM said unlocking electricity trading through third party access (TPA) and direct power purchase agreements (Direct PPA) would improve national energy efficiency, enhance competition in the power market and allow independent power suppliers to sell electricity directly to industrial users, supporting clean energy investment.
For BGRIM’s data center project, Nopadej added that the company has already invested in 96 MW and plans to open the first 48 MW phase in November. BGRIM aims to expand the business to 300 MW by 2030, focusing on both domestic and overseas markets.
KGI Securities (Thailand) maintained a “Buy” recommendation on BGRIM with a 2027 target price of THB 23.50 per share. The brokerage views PDP 2026 and Direct PPA as key drivers that could unlock a new growth cycle for the company.
KGI expects approval of PDP 2026 within this year to create opportunities for BGRIM to expand into new energy projects, particularly community solar projects of around 300 – 500 MW, Direct PPA projects, and new capacity from both conventional power and renewable energy.
For Direct PPA, BGRIM has already prepared land to support projects with capacity of around 500 – 600MW, which would allow the company to move forward more quickly once policies and regulations become clear.
KGI also expects asset divestment to become clearer in 2026, potentially strengthening BGRIM’s financial position by increasing investment capacity and supporting future business expansion.
Overall, KGI sees PDP 2026, Direct PPA and asset management as key factors that could help BGRIM return to a new growth cycle and increase its long-term capacity expansion potential.
