Thai power company expands energy investment in Vietnam

MALAYSIA, 23 SEPTEMBER 2026 —

B.Grimm Power, one of Thailand’s largest privately‑owned power producers, said on Thursday it will deepen its investment in Vietnam’s renewable‑energy and LNG‑fired power markets while also stepping up projects in Malaysia, underscoring the company’s strategy to follow electricity demand growth across Southeast Asia.

The expansion comes as the firm, which entered Thailand’s power‑generation sector in 1993, seeks to more than double its installed capacity from the 4,794 MW it operates today to 10,000 MW by 2030.

Vietnam, with a portfolio that now includes solar projects totalling about 677 MW and ongoing participation in other renewable schemes, is a key component of that target, President Nopadet Kannasoot said, referring to his remit over Thailand, Malaysia and the Energy & Industrial Solutions business.

Kannasoot told reporters that B.Grimm Power is not limiting its capital to Thailand but is “looking at Southeast Asia, especially the markets where electricity demand is growing rapidly alongside economic, industrial and digital development.” He highlighted Vietnam’s large‑scale renewable and gas‑fired projects as illustrative of the region’s appetite for new capacity, and noted that the company’s pipeline in Malaysia is also gaining momentum.

In Malaysia, the firm signed a supply agreement on 15 September with GE Vernova for gas turbines and generators destined for a gas‑fired power plant in Perlis state. The plant is slated to begin commercial operations in the fourth quarter of 2029 and is being positioned to serve rising regional electricity demand, including that of data‑centre operators. The agreement marks B.Grimm Power’s first major gas‑turbine contract in the country.

B.Grimm Power’s Vietnamese footprint now comprises 72 projects that are already in operation and 26 under development, according to company data updated on 21 September. The solar assets, which together generate roughly 677 MW, are part of a broader renewable‑energy push that the firm says will complement its LNG‑fired capacity.

The company stresses that for LNG‑fired power to fulfil its role in Vietnam’s energy transition, “bottlenecks in institutions, infrastructure, electricity pricing, PPAs, power dispatch and financing must be addressed together,” a point it raised in the same briefing.

Vietnam’s own policy framework reflects a similar urgency. Politburo Resolution No 70‑NQ/TW, dated 20 August 2025, calls for “adequate, stable and high‑quality energy supplies” to underpin socio‑economic development, national defence, improved living standards and environmental protection. The resolution sets out a vision for national energy security through 2030 and to 2045, aligning with the country’s green‑growth and net‑zero‑by‑2050 targets.

B.Grimm Power’s expansion, therefore, dovetails with a governmental push to build a sustainable energy ecosystem that integrates clean generation, storage, smart grids and material‑recycling chains.

The firm’s broader regional ambitions are reinforced by its presence in 15 countries, where it currently operates a total generation capacity of 4,794 MW. By the end of the decade, B.Grimm Power aims to raise that figure to 10,000 MW, a goal that will require sustained investment in both renewable and gas‑fired assets across the ASEAN basin.

The company’s strategy, as outlined by Kannasoot, is to “focus on markets where electricity demand is growing rapidly alongside economic, industrial and digital development,” a description that fits Vietnam’s expanding industrial base and Malaysia’s burgeoning data‑centre sector.

While the Vietnamese projects are primarily solar, the company’s participation in LNG‑fired power is intended to provide firm capacity that can balance the intermittency of renewables. The firm did not disclose the exact size of its LNG‑fired portfolio in Vietnam, but it reiterated that addressing regulatory and financing challenges is essential for these plants to operate effectively within the country’s transition roadmap.

B.Grimm Power’s Malaysian venture, the Perlis gas‑fired plant, is expected to be a 1,000‑MW facility, though the exact capacity was not disclosed in the announcement. The project’s timeline—commercial operation slated for late 2029—places it among the earliest large‑scale gas‑fired plants slated for the region’s next wave of power‑generation capacity. The partnership with GE Vernova, a leading turbine supplier, signals B.Grimm Power’s intent to leverage advanced technology to meet efficiency and emissions standards.

The company’s expansion plans arrive as regional electricity demand continues to rise, driven by industrialisation, digitalisation and the proliferation of data centres. Analysts cited by the firm note that the demand surge is prompting both private and state investors to seek new capacity, particularly in markets where grid stability and power quality remain concerns.

B.Grimm Power’s dual focus on renewable and gas‑fired generation is designed to offer a balanced supply mix that can meet both baseload and peak‑load requirements.

In a broader context, Vietnam’s push for clean energy is being complemented by initiatives such as the acceleration of rooftop solar in Bac Ninh province and the development of integrated production ecosystems that attract high‑value, technology‑intensive projects. While these measures are not directly linked to B.Grimm Power, they illustrate the supportive environment the company is entering.

Looking ahead, B.Grimm Power said it will continue to monitor policy developments, particularly those affecting power purchase agreements, pricing mechanisms and financing structures, to ensure its projects align with Vietnam’s energy‑security objectives. The firm’s next steps include finalising the design and financing of the Perlis plant, advancing its solar pipeline in Vietnam, and exploring additional opportunities in other fast‑growing ASEAN markets.

The company’s expansion underscores a shift among private power producers toward a more diversified, region‑wide portfolio that balances renewable growth with reliable gas‑fired capacity, positioning B.Grimm Power as a key player in Southeast Asia’s evolving energy landscape.

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