B.Grimm Power Public Company Limited (SET: BGRIM) has reaffirmed its confidence in the long-term growth potential of its investments in Vietnam. The company stated that recent policy adjustments to Vietnam’s feed-in tariffs for renewable energy will have a limited impact, as Vietnam currently contributes only about 3% of BGRIM’s total revenue.
Furthermore, BGRIM has diversified revenue streams from ongoing projects across multiple ASEAN and East Asian countries, providing a high degree of risk management flexibility and ensuring a stable long-term growth trajectory.
BGRIM remains strongly committed to doing business in Vietnam, the company’s report said. At present, the Vietnamese government is internally discussing and soliciting feedback from various sectors to assess the wide-ranging impacts of potential revisions to tariffs for renewable energy projects, while also taking into account concerns from international investors and financial institutions.
Currently, there are more than 200 operators and financial institutions participating in Vietnam’s renewable energy projects, from countries including Thailand, China, Japan, Singapore, and the Philippines. All these projects operate under long-term Power Purchase Agreements (PPA) with clearly defined obligations.
Any changes regarding the contractual structure must be formalized in writing by all electricity producers involved, as well as the relevant agencies and stakeholders. This contractual rigidity is a key consideration for the Vietnamese government. However, BGRIM continues to recognize and record revenue from electricity sales under contracts with Vietnam Electricity (EVN) as usual.
Peradach Patanachan, CEO of Renewable Energy Business at BGRIM, said, BGRIM’s robust business structure is built on portfolio diversification across several countries. Projects already in commercial operation, such as those in South Korea, bolster risk management flexibility and secure revenue across all economic conditions. The company believes that even if policy changes do occur in Vietnam, the impact on BGRIM will be limited and will not affect our long-term growth direction.
The company meticulously manages costs in each project, aims to boost income from new projects, and has contingency plans to address uncertainty strategically. Key focus remains on maintaining financial strength and flexibility in all business scenarios.
Among projects under development, BGRIM is making significant progress in several countries. Notably, the ARECO solar PV project in the Philippines—with an installed capacity of 65 megawatts—has reached over 80% completion and is expected to begin generating revenue soon.
Meanwhile, the Nakwol Blueheart wind power project in South Korea, with a total capacity of 365 megawatts, has achieved about 50% overall progress. Offshore, six wind turbine monopiles have already been installed, with more than 80% completion for onshore work. Construction is being expedited to enable partial operations within the third quarter of this year.
Looking ahead, BGRIM maintains its target to increase total installed capacity to 10,000 megawatts by 2030, with over 50% stemming from renewable sources. The company also continues to strive toward its Net-Zero carbon emissions goal by 2050, in accordance with its mission, “Empowering the World Compassionately.”
