Thai firm gets $28M loan for Cambodia solar plant

Bangkok-based B Grimm Power Plc (BGRIM) has received a $28.1 million syndicated loan from top financiers to undergird its solar energy project in northwestern Cambodia, according to Thai media.

In November 2019, BGRIM entered into a share purchase agreement with Pramote Laocharoenwong, who is not connected with the company, to acquire all shares of Cambodia’s Ray Power Supply Co Ltd (RPS) for a total value of $300,000.

Under a 15-year deal penned on October 28, top Thai lenders Kasikornbank (KBank), Export-Import Bank of Thailand (Exim Thailand) and Bangkok Bank have made the funds available to RPS, a wholly-owned subsidiary of B Grimm Solar Power 1 Co Ltd, the Bangkok Post reported.

RPS runs a 39MW solar photovoltaic plant in Banteay Meanchey province, which went online in December.

BGRIM chairman and president Harald Link was quoted by Bangkok Post as saying: “The loan is a…