Hunton Andrews Kurth Advises IFC and DEG in Green Bond Subscription for B.Grimm

The Bangkok office of Hunton Andrews Kurth LLP assisted International Finance Corporation (IFC) and DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbh in finalizing subscription agreements in December 2022 for $150 million (USD) of green sustainability-linked bonds to be issued by B.Grimm Power Public Company Limited (B.Grimm).

B.Grimm is a leading Thailand-based power developer that 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. B.Grimm manages an estimated installed gross capacity of 4GW mostly located in Thailand, Lao PDR, Cambodia, and Vietnam.

The proceeds of the bonds, combined with internal cash and other capital of B.Grimm, will be used to finance equity investments in renewable energy projects and acquire operating renewable energy assets in Thailand and other South East Asian countries. The Hunton Andrews Kurth team comprised Bangkok partner Stephen Bennett and senior associate Tanagorn Thimasarn.