B.Grimm Power Public Company Limited (SET: BGRIM) has announced that B.Grimm Solar Power Inc. (BSP), a wholly-owned subsidiary of B.Grimm Power, has invested by acquiring all 100% shares in Amatera Renewable Energy Corporation (ARECO), a company established under the laws of the Republic of the Philippines, undertaking and developing a solar power plant project with an installed capacity of 65 megawatts with share purchase price of 5.4 million US Dollars.
The ARECO’s project is located on Negros Island, in the middle part of the Republic of the Philippines. The project is expected to commence commercial operations in the first quarter of the year 2025 and has long-term land rights. In addition, the project has been granted with Certificate of Confirmation of Commerciality from the Department of Energy of the Philippines to confirm readiness for launching the project development and construction.
The Republic of the Philippines has a high demand for electricity. This investment will contribute to the development of the clean energy business, expand investments across the ASEAN region, and increase the renewable portfolio in line with global energy trends. This will promote sustainable business growth to achieve goals in alignment with the strategy of B.Grimm Power.