ADB provides $235 million financing to Thailand’s renewable energy expansion
The Asian Development Bank (ADB) has signed a loan equivalent of up to $235 million with Thailand’s B.Grimm Power to develop renewable energy capacity in a number of Southeast Asian countries. According to an official ADB release, the financing will support B.Grimm Power in its implementation of the ASEAN Distributed Power Project, which looks to expand its renewable power generation and distribution to new regional markets, including Cambodia, Indonesia and the Philippines. “The development of renewable energy in Southeast Asia is critical to meet its energy needs and B.Grimm Power is at the forefront of the region’s fast growing alternative energy sector,” said Michael Barrow, Director General of ADB’s Private Sector Operation’s Department. The financing comes after ADB picked up a $57.7-million equity stake in B.Grimm Power in July 2017 as part of the latter’s initial public offering. (IPO). The proceeds were earmarked to fund the power firm’s 114MW of...
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