Ms. Siriwong Borvornboonrutai, Co-President – Finance and Accounting of B.Grimm Power Public Company Limited (SET: BGRIM), disclosed that the company’s joint investment in the data center business with partners is progressing, with positive news expected soon. As for BGRIM’s current data center clients purchasing electricity, the company already serves data center customers and plans to expand supply by an additional 5-10 megawatts (MW) this year.
“The data center business plan consists of two parts. First, the joint investment with our partners—good news is expected soon. Secondly, negotiations with data center customers interested in buying electricity from BGRIM are ongoing. Many customers are looking to establish operations in Thailand, encouraged by BOI support in various industrial estates, especially where BGRIM operates power plants. There’s heightened interest among customers, notably in the expanded 6,000-rai Amata Industrial Estate, which will bring in new customers as well. Additionally, we are currently in talks with 3-4 potential new data center clients,” Ms. Siriwong stated.
Previously, BGRIM management outlined that its planned investment in the data center business would be between 40-100 MW, with final decisions expected in the first half of 2025. The investment is estimated at THB 5–7 billion.
For the outlook in 2Q25, BGRIM anticipates onboarding new industrial customers with an incremental demand of about 25 MW, contributing to a projected yearly increase of 40-50 MW. However, the second quarter is expected to see several public holidays, which may slightly impact electricity demand.
Looking at the overall picture for 2025, BGRIM expects continued growth, driven by new power generation capacity additions totaling 400-500 MW. These will mainly come from solar farm projects in Thailand and the Philippines and wind energy projects in Korea. Key projects include the U-tapao Solar Power Plant Phase 1 (18 MW), KOPOS Wind Power Plant (20 MW), Insee B.Grimm Solar Power Plant (80 MW), Zhongce Rubber Rooftop Solar Project in Amata City, Rayong (35 MW), “386” Rooftop Solar Project (27.5 MW), ARECO Solar Power Plant (65 MW), and the offshore wind “Nakwol 1” project with 365 MW. The company plans to invest THB 10-12 billion in these initiatives in 2025.
Additionally, BGRIM is considering 2–3 merger and acquisition (M&A) deals, targeting projects with a combined capacity of 400-600 MW. These are still under evaluation, and updates will be provided upon further development.
Ms. Siriwong commented on the economic outlook for this year, noting potential impacts from higher US taxes, which could slow GDP growth to 1.3–2%. Since only 5% of BGRIM’s industrial customer portfolio exports to the US, the estimated impact on the company’s Industrial User (IU) clients will be about 5–10%. A positive factor, however, is expected lower natural gas costs this year, with prices projected at THB 320–340 per million BTU. Moreover, new industrial estate customers, bringing in another 40-50 MW this year (25 MW in Q2), will help offset any reduction in demand from the industrial customer group.
