B.Grimm Power invests in 740 MW of offshore wind in South Korea

Thai conglomerate B.Grimm Power PCL (BKK:BGRIM) has spent about USD 61 million (EUR 55.8m) to take stakes in two offshore wind projects in South Korea with a combined capacity of 740 MW in a drive to expand its portfolio of renewable power assets in the country.

The transaction concerns the 365-MW Yeonggwang Nakwol and 375-MW Yeonggwang Hanbit located in Nakwol-myeon, Yeonggwang-gun, South Jeolla Province. Both projects have a grid connection agreement in place with Korea Electric Power Corporation (KEPCO), according to a recent statement.

B.Grimm Power has invested more than USD 35.7 million to take 28.2% of Nakwol Blueheart Co Ltd (Nakwol Wind), the entity behind the Nakwol project, from Myungwoon Industry Development Co Ltd, as well as a 29% stake in Myungwoon, which owns the remaining 71.8% in Nakwol Wind.

Nakwol Wind has signed a long-term Renewable Energy Certificate (REC) Sale and Purchase Agreement with Korea Southern Power Co Ltd (KOSPO) at a fixed price of KRW 307.144 (USD 0.234/EUR 0.214) per kWh for a period of 20 years from the project’s commissioning.

The investment in the Hanbit project stands at roughly USD 25.3 million for a stake of 49% in Hanbit Wind Power Co Ltd (Hanbit Wind).

Bot projects have secured all needed permits and licenses and are ready to enter into the construction phase. The commercial operation date (COD) for the facilities is scheduled for December 2025.

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