B.Grimm Power’s subsidiary, B.Grimm Solar Power Inc. (BSP), has acquired 100% of the shares in Amatera Renewable Energy Corporation (ARECO), a Philippine-based company undertaking a 65-megawatt solar power plant project on Negros Island.
The share purchase amounted to 5.4 million US Dollars. The project, expected to be operational in Q1 2025, holds long-term land rights and has received a Certificate of Confirmation of Commerciality from the Department of Energy of the Philippines.
This strategic investment aligns with B.Grimm Power’s goal to expand its clean energy business, contribute to the ASEAN region’s growth, and enhance its renewable energy portfolio in line with global trends.
The transaction is not considered a connected transaction, but it signifies B.Grimm Power’s commitment to sustainable business growth and strategic alignment with its overall energy strategy.