Thailand-based B.Grimm Power Public Company Limited (B.Grimm) has completed the acquisition of an 80 per cent majority stake in Huong Hoa Holding Joint Stock Company, the main developer of a 48 MW Huong Hoa 1 wind project located in Quang Tri province, Vietnam. The company has paid VND161 billion to gain majority interest in the Vietnam-based company. The wind power project is developed under a power purchase agreement (PPA) with state-owned power company Electricity of Vietnam.
The remaining 20 per cent stake will be owned by Truong Thanh Energy and Real Estate Joint Stock Company (TEG). In the fourth quarter of 2021, B.Grimm and TEG will start coordination to implement the wind project.
TEG and B.Grimm previously partnered on the 257 MWp Hoa Hoi solar plant project, which has been in operation since mid-2019.