BGRIM acquires clean energy business in Australia to boost renewables portfolio

B.Grimm Power Public Company Limited (SET: BGRIM) announced the acquisition of new subsidiaries in Australia through the Stock Exchange of Thailand (SET).

B.Grimm Power has established a new wholly owned subsidiary in Australia, B.Grimm Power Pty. Ltd. (B.Grimm Power Pty.) as a holding company. The registered and paid up share capital is AUD 100,000, equivalent to approximately THB 2,483,510, divided into 100,000 shares with a nominal value of AUD 1 per share.

Upon its formation, B.Grimm Power Pty. acquired 100% of the issued shares of Nemaroo Bimbi Wind Farm Pty. Ltd. (NBWF), a company incorporated under Australian law, from a person who is not a related person. NBWF will develop green field renewable energy projects and an energy hub in North Queensland, Australia, which is one of the most proactive countries in transitioning from fossil fuels to renewable energy sources. Queensland has announced a target of 80% renewable energy sources by 2035.