BGrimm Bond (IFC-46101)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Malaysia
  • Thailand
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 16, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
B.GRIMM POWER PUBLIC COMPANY LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 110.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 110.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 5, 2024

Disclosed by Bank Jun 30, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank's website, "IFC is considering subscribing to a green/sustainability-linked bond of up to US$200 million issued by       B.Grimm Power Public Company Limited (the “Company” or “BGrimm”). IFC’s proposed investment is expected to finance the acquisition, development and construction of renewable energy (RE) projects (wind, solar, storage, hybrids etc.) in the South East Asia region potentially in Thailand, Malaysia and Vietnam and/or other countries (“Project”). The projects to be financed using IFC proceeds have yet to be identified."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC, together with parallel bondholder will invest up to US$150 million in the green or sustainability-linked bond issued by B.Grimm.

Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

B.Grimm is listed on the Stock Exchange of Thailand (SET) and is bound by the listing rules in Thailand. B.Grimm Power (Singapore) Pte. Ltd., Mr. Harald Link and B.Grimm Joint Venture Holdings Ltd. are the three major shareholders of the Company, which owns 33.99%, 24.45% and 9.05% of the Company respectively as of December 31, 2021. The rest is owned by institutional and individual shareholders. The Company is rated A (local) by TRIS.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

B.Grimm Power Public Company Limited (“B.Grimm” or the “Company”) is a leading Thailand-based power developer who has been one of the leaders in small power producer (SPP”) gas-fired projects since the start of Energy Generating Authority of Thailand (EGAT) concession bidding in 1995. The Company manages an estimated installed gross capacity of 4GW mostly located in Thailand, with some limited presence in Lao PDR, Cambodia, and Vietnam. B.Grimm sells power under Power Purchase Agreements (PPAs) to  multiple offtakers such as Energy Generating Authority of Thailand (EGAT), Industrial Users, Vietnam Electricity (“EVN”),  Electricité du Laos (“EDL”) and Electricité du Cambodge (“EDC”).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Deutsche Investitions und Entwicklungsgesellschaft mbH Investor Finance invests in B.Grimm Power Public Company Limited Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

B.Grimm Power Public Company Limited
Sakorn Suriyabhivadh
Head of Project Finance and M&A
N/A
sakorn.s@bgrimmpower.com
Dr.Gerhard Link Building, 18th Floor, 5 Krungthepkreetha Road, Bangkok 10240, Thailand
https://www.bgrimmpower.com/en/home

 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works