Siriwong Borvornboonrutai, President of Finance and Accounting at B.Grimm Power Public Company Limited (SET: BGRIM), revealed that Thai energy producers are closely monitoring the development of Thailand’s new Power Development Plan (PDP 2026), which is being expedited by authorities with completion and public hearings set for September and full implementation aimed for later this year.
The company is aligning its project portfolio with the direction of PDP 2026, advancing both new and ongoing developments in Thailand. BGRIM is also capitalizing on rising demand from the data center sector, having signed Power Purchase Agreements (PPAs) totaling 100 megawatts with existing data center clients, and is in negotiations with new potential customers that could add an additional 150 megawatts. Overall, demand from this sector continues to grow.
To support these developments, BGRIM is evaluating new power plant projects focused on serving data centers, including discussions with clients on power generation development and the Type 9 electricity tariff structure, which is higher than the base rate. Data center clients are familiar with electricity pricing based on liquefied natural gas (LNG), presenting additional business opportunities for BGRIM in the coming period
BGRIM is ready to participate in the government’s upcoming Quick Big Win initiatives, especially community solar projects targeting 300 – 500 megawatts of capacity. The company has prepared to submit proposals when government bidding commences.
BGRIM aims to expand installed capacity to 10,000 megawatts by 2030, a significant increase from its current committed portfolio of 6,665 megawatts, requiring an estimated THB 492 billion in investment. Of this sum, 65 – 70% will come from project financing, while the rest will be funded by shareholders, with most investments structured as joint ventures.
Internationally, BGRIM’s key focus is on Southeast Asia, particularly Malaysia, where the company is weighing large-scale Independent Power Producer (IPP) projects featuring government-backed PPAs. In the Philippines, the company’s ARECO Phase 2 solar power project is progressing towards commercial operations within the year.
Other international developments include South Korea’s Nakwol 2 offshore wind project, future Japanese small-scale solar initiatives, and potential pumped-storage enhancements in the U.S. to add value to earlier hydropower investments.
In addition, a source close to the matter revealed that BGRIM has recently won the bidding for the Nakwol 2 offshore wind project from the South Korean government. Nakwol 2 is expected to have a higher capacity than the previous Nakwol 1 project, with the construction anticipated to begin in 2027. Meanwhile, the Nakwol 1, which is South Korean first-ever offshore wind project, operated by BGRIM, will commercialize by the end of this year.
For the second half of 2026, BGRIM expects automatic tariff rates to stay stable, though high natural gas prices may pressure margins in the third quarter. The company has adjusted some contractual formulas and service revenues to support profitability, anticipating stable overall performance.
Plans for 2026 involve importing up to six LNG vessels, or around 280,000 tons (14.4 trillion BTU), for use in SPP power plants, with the projected natural gas price for these plants rising to THB 330 – 350 per million BTU from THB 323 in 2025. BGRIM also plans to add 50 – 60 megawatts from new industrial users.
The company will bring several new projects into commercial operation during the year: the 35-megawatt Zhongce Rubber solar rooftop in Rayong, the 365-megawatt Nakwol 1 offshore wind project, the 48-megawatt Huong Hoa 1 onshore wind project, and other smaller projects totaling approximately 30 megawatts.
These project launches, expansion of the industrial customer base, and increased demand from data centers will help drive future growth, supporting BGRIM’s target of reaching 10,000 megawatts by 2030. The Investment Analysts Association (IAA) consensus sets an average target price for BGRIM at THB 20.16, with a highest target price at THB 25.
