At 11:16 A.M. (Bangkok time) on October 17, 2025, the share price of B.Grimm Power Public Company Limited (SET: BGRIM) stood at THB 15.80 per share, up by THB 0.70 or 4.64%, with a trading value of 388.55 million baht.
The positive sentiment came after BGRIM disclosed through the Stock Exchange of Thailand (SET) that its wholly owned subsidiary, B.Grimm Power Korea Limited, acquired an additional 20.8% of the total issued shares in Nakwal Blueheart Co., Ltd. (Nakwol 1). As a result, B.Grimm Power Korea now directly holds 49% of the issued shares in Nakwol 1.
Nakwol 1 is a legal entity established under the laws of the Republic of Korea and is the owner and developer of the Yeonggwang Nakwol Offshore Wind Power Project, with an installed capacity of 364.8 megawatts. This project is considered the first large-scale offshore wind power plant in South Korea to have received full permitting and is currently preparing for partial commercial operation (Partial COD) in the fourth quarter of 2025.
Additionally, Nakwol 1 has signed a Long-Term REC Sale and Purchase Agreement with Korea Southern Power Co., Ltd. (KOSPO), a subsidiary of Korea Electric Power Corporation (KEPCO). The agreement secures a fixed Renewable Energy Certificate (REC) price of 307.144 KRW per kilowatt-hour (KRW/kWh) for 20 years from the date of full commercial operation.
This share acquisition is part of a shareholding restructuring to prepare for the commencement of operations at the end of 2025. B.Grimm Power Korea executed two transactions:
1.) Sold all of its 29% stake (564,282 shares) in Myungwoon Industry Development Co., Ltd. back to Myungwoon for a total of KRW 16,885,010,286 (approximately THB 387.95 million).
2.) Acquired an additional 20.8% stake (1,872,000 shares) in Nakwol 1 from Myungwoon for a total of KRW 16,885,440,000 (approximately THB 387.96 million).
After these transactions, B.Grimm Power Korea directly holds 49% of the issued shares in Nakwol 1. These transactions do not qualify as related party transactions or significant asset acquisitions or disposals under the criteria set by the Securities and Exchange Commission and the Stock Exchange of Thailand.
