B.Grimm Power Public Company Limited (SET: BGRIM) announced on Monday that its 100%-owned subsidiary B.Grimm Power Korea Limited has acquired shares in Saemangeum Sebit Power Co., Ltd., a solar PV power project with a total capacity of 98.99 megawatts in the Republic of Korea with details as follows (i) from KB Sprott Solar Power No. 1 Co., Ltd., (not related person) 624,100 common shares and (ii) from Hyundai E&C Co., Ltd., (not related person) 725,700 non-voting shares, and (iii) from subscription of new shares, 187,350 common shares, which results B.Grimm Power Korea Limited to hold 21.27% of common shares in the company and a dividend entitlement in the company of 33.85%.
BGRIM has secured and is entitled to dispatch and sell its generated power to Korea Electric Power Corporation (KEPCO) through Korean Power Exchange for a tariff of KRW 144.31 (THB3.8) per kWh for a period of 20 years. The Company’s 98.99 MW solar PV plant was successfully in operation from March 2022.
The purpose of investment is to expand BGRIM investment in solar PV projects.