B.Grimm Power Public Company Limited (SET: BGRIM) revealed to ‘Kaohoon’ that the company is currently evaluating additional merger and acquisition (M&A) prospects in the U.S. renewable energy sector, and expects greater clarity regarding project capacity and investment figures in the near term.
Presently, BGRIM has invested in the Malacha hydropower plant in northern California, which generates 30 megawatts and is undergoing upgrades to increase capacity through the installation of pump storage.
Simultaneously, BGRIM is studying the feasibility of investing in large-scale Independent Power Producer (IPP) projects in Malaysia. This initiative aims to meet the rising electricity demand from the industrial sector and data centers. The company expects to finalize details within the first half of 2026, with a focus on both high-efficiency gas plants and hybrid renewable projects that integrate energy storage to ensure long-term grid stability.
Most recently, reNIKOLA Holdings Sdn Bhd (reNIKOLA)—a Malaysian renewable energy company in which BGRIM holds a 45% stake—secured development rights for a total of 618MW under the Large Scale Solar 5+ (LSS 5+) program, part of Malaysia’s National Energy Transition Roadmap (NETR).
The project includes 400MW of power purchase agreements (MW PPA) across two sites in Kemaman, Terengganu: a 386MW project (250 MW PPA) managed by the reNIKOLA, RE Chenderong Sdn Bhd, and Anglo-Eastern Plantations Management Sdn Bhd consortium; and a 232MW project (150 MW PPA) executed by Antara Hijauan Sdn Bhd, a reNIKOLA subsidiary, in partnership with Anglo-Eastern. Both projects are slated for completion and grid connection in November 2027.
The awarding of these contracts reinforces BGRIM’s renewable energy portfolio in Malaysia and paves the way for future IPP investments in both renewable and baseload energy facilities, further solidifying reNIKOLA’s position in Malaysia’s clean energy transition and highlighting BGRIM’s role as a regional energy leader.
Looking ahead to 2026, BGRIM anticipates further capacity growth, aiming to realize revenue from projects that achieved commercial operation in the second half of 2025 as well as commissioning new assets.
These include the 80MW INSEE B.Grimm Solar project, the 35MW Zhongce Rubber rooftop solar installation in Rayong’s Amata City Industrial Estate, the 365MW Nakwol 1 offshore wind project in South Korea, the 48MW Huong Hoa 1 onshore wind project, and other initiatives totaling up to 30MW. The company’s pipeline for 2026 is approximately 500MW, excluding new M&A deals that are expected to be confirmed in the first half of next year.
BGRIM is also accelerating its asset monetization strategy, with ongoing negotiations to divest power plants as part of an asset recycling plan. This approach aims to realize profits and secure capital for new investments, in line with BGRIM’s target of increasing capacity to 10,000MW by 2030, up from the current 4,178MW.
Land and Houses Securities recommends a ‘Speculative-Buy’ rating for BGRIM, citing multiple positive catalysts ahead, including stronger Small Power Producer (SPP) profits as industrial electricity sales rebound, stable Ft rates, declining gas costs, and progress on flagship projects such as Nakwol 1.
The target price has been revised upward to 16.40 baht per share, factoring in new projects and improved long-term SPP margin assumptions. According to the IAA Consensus, BGRIM’s average target price is 17.34 baht, with a peak forecast of 22 baht.
