B.Grimm Power Public Company Limited (SET: BGRIM) has announced ambitious plans to develop hyper-scale data center projects with a total capacity of 300 megawatts by 2030. Nopadej Karnasuta, President for Thailand, Malaysia, and Energy & Industrial Solutions Business, disclosed that the company expects to invest approximately $10 million per megawatt, amounting to a total investment of about $3 billion or THB 94 billion.
Currently, BGRIM is constructing a 96-megawatt hyper-scale data center in Chonburi’s Eastern Economic Corridor (EEC), with an investment of THB 26 billion. The project has already secured long-term customer contracts for 10–20 years. The first 48-megawatt phase is scheduled to commence operations in the fourth quarter of 2026, while the second phase is slated to begin in the third quarter of 2028. Once fully operational by 2029, the project is expected to generate annual revenue of THB 3.4-4 billion, with BGRIM holding a 40% stake.
Looking ahead, BGRIM plans to develop the remaining 200 megawatts of data center projects in Thailand and neighboring countries like Vietnam and Malaysia, where it already maintains a presence. The key criteria for site selection will be the availability and reliability of power supply, though it does not have to be green energy.
BGRIM sees the data center initiative as pivotal to the region’s digital economy and the development of energy and digital industrial platforms. The company is collaborating with strategic partners to build competitive capabilities and prepare for future third-party access (TPA) to the electricity network.
BGRIM has also secured its largest power purchase agreement (PPA) to date, signing with NTT Global Data Centers for a combined capacity of 100 megawatts, which is set for commercial operations in June 2027 at Amata City Industrial Estate, Chonburi. The deal underlines BGRIM’s leadership in delivering reliable and large-scale clean energy solutions to support the expanding digital infrastructure and data center sectors.
Yuanta Securities (Thailand) forecasts BGRIM’s normalized profit for 4Q25 at THB 486 million, up 48% year-on-year and 17% quarter-on-quarter, propelled by lower natural gas costs, a reduction in joint venture losses, and a sharp rise in service revenue from the Nakwol 1 wind project in Korea. Net profit for 2025 is projected at THB 2,124 million.
The firm has revised its 2026 target price for BGRIM shares to THB 17, offering a 32.8% upside, following a 9% YTD share price decline attributed to sluggish bond yield drops and policy risks. Further upside could stem from an upcoming investment in a 1,500-megawatt IPP project in Malaysia (BGRIM holds 49% stake, with PPA clarity expected in 4Q26), and potential gains from corporate restructuring this year. Yuanta has accordingly upgraded BGRIM’s recommendation from “TRADING” to “BUY”.
