Thai B.Grimm Power posts $24 mln Q1 revenue in Vietnam
Thailand’s B.Grimm Power Public Company Limited, a major energy developer in Southeast Asia, posted a revenue of THB829 million ($23.89 million) from electricity sales in Vietnam in the first quarter of this year.
A B.Grimm solar farm in Phu Yen province, south-central Vietnam. Photo courtesy of the firm.
In its quarterly report, B.Grimm said electricity sales to industrial users in Vietnam declined 9.9% year-on-year to THB319 million ($9.18 million) in Q1/2023, due to the sales volume going down 9.9% to 123 GWh.
Regarding sales to EVN, B.Grimm recorded a revenue of THB510 million ($14.68 million) in the quarter, down 1.2% year-on-year, due to lower solar radiation in the period.
In Vietnam, B.Grimm operates two solar farms, namely 240-MW Dau Tieng 2 in the southern province of Tay Ninh and 257-MW Phu Yen TTP in the central coastal province of Phu Yen. The Thai giant is developing the 48-MW Huong Hoa 1 wind farm in the central province of Quang Tri, with an expected commercial operation date (COD) in 2025.
Globally, B.Grimm recorded an electricity sale volume of 3,335 GWh in Q1/2023, earning a post-tax profit of THB808.05 million ($23.26 million) on a sales revenue of THB15.75 billion ($453.45 million), up 788% and 6.7% year-on-year, respectively.
B.Grimm posted a revenue of THB3.67 billion ($104.77 million) from its Vietnam operations in 2022, up 1.91% year-on-year. Vietnam accounted for 5.89% of its total revenue of THB62.4 billion ($1.78 billion) in the year.
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