B.Grimm Power
B.Grimm Power (SET: BGRIM) is Thailand's listed industrial-estate Small Power Producer (SPP) cogeneration specialist — FY2024 revenue approximately THB 60B on 4GW+ installed capacity across Thailand, Vietnam, Malaysia, Laos, and South Korea. The franchise was built on supplying simultaneous steam, electricity to industrial-estate tenants (Amata City, Hemaraj/WHA, Rojana, others) — a specialised business model with sticky customer relationships and lower competition than utility-scale generation. Cross-border expansion diversifies the portfolio; SPP refit toward renewables (solar, wind, hybrid) is the ongoing transition.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 60B
FY2024
Installed capacity
4GW+
FY2024
Thailand, Vietnam, Malaysia, Laos, South Korea
Specialty
Industrial-estate SPP cogen
Since 1993
Listing
SET: BGRIM
2017
What this company actually does
B.Grimm Power runs Thailand's largest Small Power Producer (SPP) cogeneration franchise. SPP plants are 10-90MW generators that supply both electricity, industrial steam to co-located tenants — typical customers are petrochemical, automotive, electronics factories in Thai industrial estates (Amata City, Hemaraj/WHA, Rojana, 304 Industrial Park). The business model produces sticky relationships because the steam-plus-electricity infrastructure is co-located and tenants are contractually tied.[]
Strategically BGRIM differentiates on three axes. Cross-border expansion (Vietnam, Malaysia, Laos, South Korea) diversifies the business beyond Thai industrial-estate concentration. Renewable pivot (solar, wind, hybrid projects) moves the portfolio toward PDP 2024's renewable-share targets. Storage, grid-ancillary positioning is early-stage but strategically aligned. Bergmann family legacy, strategic partners (Japanese trading houses) shape the capital structure.[]
Operations footprint
Thailand SPP cogeneration
Industrial-estate steam-and-power anchor
Approximately 50+ SPP plants in Thai industrial estates, primarily Amata City (Chonburi, Rayong), Hemaraj/WHA (Eastern Seaboard, Ayutthaya), Rojana, and 304 Industrial Park. Each plant typically 10-90 MW electricity, supplemented by steam capacity for co-located factories. PPA and steam-supply contracts run 10-25 years — strong revenue visibility.
Renewable energy
Solar and wind portfolio
B.Grimm has pivoted toward large-scale solar (ground-mounted and floating) and wind projects in Thailand and abroad. Key Thai renewable assets include solar farms in Central and Northeast Thailand totalling approximately 250-400 MW. Solar PPA pricing under Adder and SPP Hybrid schemes; new capacity under VSPP and PPA bilateral contracts.
International — Vietnam, South Korea
Cross-border industrial energy
Vietnam operations supply power to Vietnamese industrial zones in the north and south. South Korea operations through an OCGT and SPP portfolio. Malaysia and Laos add further diversification. Combined international capacity approximately 1,000-1,500 MW; international revenue contribution approximately 15-20% of group total.
Strategic partners
Japanese trading house joint ventures
B.Grimm Power has structured several Japanese trading house (Mitsui, Sumitomo, Osaka Gas) as JV equity partners in specific plant projects. This reduces B.Grimm's capital intensity per project and opens Japanese customer relationships in industrial-estate development. Japanese partners also bring O&M and fuel-supply expertise.
Thai IPP and SPP peer comparison
FY2024 estimates. Sources: company 56-1 filings.
| Entity | Ticker | FY2024 revenue | Capacity | Specialty |
|---|---|---|---|---|
| B.Grimm Power | SET:BGRIM | ~ $1.74B | 4GW+ | Industrial SPP cogen |
| Gulf Energy Development | SET:GULF | ~ $4.35B | 8GW+ | IPP gas, GSPC, data centres |
| GPSC (PTT Group) | SET:GPSC | ~ $1.45B | ~3,000 MW | PTT downstream power, storage |
| Ratch Group | SET:RATCH | ~ $0.725-30B | ~3,000 MW | EGAT-related IPP, regional |
Key drivers 2025-2026
Industrial FDI inflows
EV, semiconductor factory tenants
Thailand's EV and semiconductor FDI inflow (BYD, Toyota, Honda EV plants, OSAT semiconductor facilities) directly expands B.Grimm's SPP addressable market. Each new large factory in an Amata, WHA, or Hemaraj estate is a prospective steam-and-power customer. Watch BOI approved project announcements as a leading indicator.
Renewable PDP targets
PDP 2024 renewable targets
Thailand's Power Development Plan 2024 targets approximately 51% renewable share by 2037. B.Grimm has positioned to capture hybrid SPP (gas-solar combined) licences and new renewable PPA bilateral contracts. Watch EGAT/DEDE (Department of Alternative Energy) tender announcements for new SPP hybrid and VSPP solar capacity.
Cross-border growth
Vietnam FDI-driven demand
Vietnam's industrial FDI boom is the highest-growth market for B.Grimm's SPP model. New Vietnamese industrial zones require reliable steam and power supply — exactly B.Grimm's speciality. Regulatory framework for private IPPs in Vietnam has improved; watch for new Vietnamese project announcements in FY2025.
Watchpoints for the next annual report
Industrial-estate occupancy
Factory tenant-density, new FDI flows into Amata, WHA, Hemaraj drive SPP volume.
Renewable % of mix
Pace of SPP gas-to-renewable refit and new renewable investment.
Vietnam, South Korea capex
Cross-border growth velocity.
Storage, grid-ancillary
Early-stage strategic positioning.
Related Market profiles
Peers, parents, partners, agencies, and other Renewable Energy actors.
Competitor
Gulf Energy Development
Largest listed IPP peer.
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Competitor
Global Power Synergy
PTT Group listed power peer.
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Sector peer
BCPG Public Company Limited
Bangchak-linked listed renewable power developer and operator.
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Sector peer
B.Grimm renewable-power platform
SET-listed Thai SPP / IPP; SET:BGRIM; gas-fired cogeneration, renewable portfolio; B.Grimm family-controlled.
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
B.Grimm Power (SET: BGRIM) FY2024 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| B.Grimm Power (SET: BGRIM) FY2024 56-1 | B.Grimm Power PCL | Primary | 2025-03-31 |
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