Thailand’s oldest Industrial Conglomerate eyeing Power Projects in Europe and the United States

To meet increased demand for renewable energy, Thailand’s oldest industrial conglomerate, B.Grimm Group, is considering investments in power projects in Eastern Europe and the United States. 

According to Caroline Link, president of B.Grimm Joint Venture Holding Co., one of the group’s main investment arms, the closely held company, which derives the majority of its earnings from Bangkok-listed B.Grimm Power Pcl, is considering whether to invest on its own or through partnerships, with financing being a key deciding factor. 

She added that the company is looking into new gas-fired plants in Vietnam, where it already has solar-power projects. Malaysia and South Korea, she added, have promise for new power initiatives. Renewable energy accounts for about 26% of the group’s current producing capacity of 2,000 megawatts, she said. 

Caroline’s father, Harald Link, and her family hold more than 60% of B.Grimm Power, the business’s only publicly-traded company. According to Bloomberg data, the value of that stake is at least $1.9 billion. 

Building materials, healthcare, and property development are among the conglomerate’s industries. It has long had heating, air-conditioning, and refrigeration joint ventures with Florida-based Carrier Global Corp. The company was founded in 1878 as Siam Dispensary and was purchased by Caroline’s great-grandfather, Adolf Link, about a century ago. 

The business has set an objective of roughly doubling its yearly sales to 150 billion baht ($4.45 billion) by 2028 when it would celebrate its 150th anniversary.