BGRIM Renewable Energy Portfolio through Investment in 740 MW Offshore Wind Power Plants in S.Korea

B.Grimm Power Public Company Limited is pleased to announce the expansion of its renewable energy business through investments in two offshore wind power plants. By acquiring shares in Nakwol Wind and Hanbit Wind, totaling 740 megawatts in the Republic of Korea, this move reflects B.Grimm Power’s ongoing commitment to collaborative growth in South Korea’s renewable energy sector. It also aligns with B.Grimm Power’s broader strategy to foster stable and sustainable energy businesses throughout Asia, underscoring our dedication to contributing to a future marked by net zero carbon emissions.

Dr.Harald Link, President of B.Grimm Power Public Company Limited, revealed that B.Grimm Power Korea Limited (“B.Grimm Power Korea”), a wholly-owned subsidiary of B.Grimm Power, has invested in Nakwol Blueheart Co., Ltd. (“Nakwol Wind”), at a purchase price of USD 35,750,400, acquiring a total of 49% of the issued shares. Nakwol Wind is responsible for owning and developing the Yeonggwang Nakwol offshore wind power generation project, which has an installed capacity of approximately 365 MW. Nakwol Wind has secured a grid connection agreement from Korea Electric Power Corporation (“KEPCO”) and a Long-Term REC Sale and Purchase Agreement from Korea Southern Power Co., Ltd. (“KOSPO”), a 100% subsidiary of KEPCO, spanning a 20-year duration from the project’s commercial operation date (COD). The project is currently tentatively scheduled to achieve COD by December 2025.

Dr. Harald Link (3rd from left), President of B.Grimm Power Public Company Limited, and Mr. Lee, Seung Woo (4th from left), President and CEO of Korea Southern Power (KOSPO), along with Dr. Seo, Seong Jae (right), Vice President of Renewable Business, are seen here awarding a 20-year REC Agreement to the 365 MW Off-Shore Wind Farm Nakwol 1 Project. As a 100% Subsidiary of KEPCO, their strongest capability will definitely support B.Grimm Power’s future growth in South Korea significantly.

Additionally, B.Grimm Power also invests in Hanbit Wind Power Co., Ltd. (“Hanbit Wind”), at a purchase price of USD 25,284,000, acquiring 49% of the issued shares. Hanbit Wind is responsible for owning and developing the Yeonggwang Hanbit offshore wind power generation project with an installed capacity of approximately 375 MW. Hanbit Wind has obtained a grid connection agreement from KEPCO and is undergoing relevant permits and licenses from related government agencies. The project is poised to commence construction, with the achievement of Commercial Operation Date (COD) expected in December 2026.

Dr. Harald Link shared that B.Grimm Power is gradually expanding our investment in the Republic of Korea. Currently, several solar power plant projects, totaling 122.49 megawatts in capacity, have successfully achieved Commercial Operation Date (COD). Moreover, by the conclusion of 2024, an additional 20 megawatts of capacity is projected to be added with the launch of a wind power plant project. Additionally, there are ongoing advancements in solar power plant projects. B.Grimm Power is actively involved in developing at least another 1 gigawatt of wind power capacity.

The Republic of Korea has experienced a consistent rise in electricity demand over the years, driven by successful development efforts. Ensuring an ample supply of electricity has become vital for sustaining the nation’s economic progress. In line with this, the Republic of Korea has adopted a comprehensive energy reform strategy, aiming to achieve carbon neutrality by 2050. As outlined in the Framework Act on Low Carbon, Green Growth, the country is also poised to deploy up to 20 GW of offshore wind capacity by 2030.

B.Grimm Power, in close partnership with KEPCO, has made significant strides in the Republic of Korea’s impressive renewable energy ventures, encompassing both solar and offshore wind projects. With a firm commitment, B.Grimm Power is dedicated to harnessing all our initiatives and capabilities to contribute to the Republic of Korea’s ambition to emerge as one of the world’s foremost offshore wind power producers.