B Grimm Power has increased its direct shareholding in the 365MW Yeonggwang Nakwol offshore wind farm in South Korea to 49%.
The Thai company said its subsidiary B.Grimm Power Korea acquired an additional 20.8% stake in Nakwol Blueheart from Myungwoon Industry Development for ₩16.9bn (€11.7m).
At the same time, B.Grimm Power Korea sold its 29% holding in Myungwoon back to the company for the same amount.
The adjustment streamlines ownership ahead of partial commercial operation in the fourth quarter of 2025.
Nakwol Blueheart is developing what will be South Korea’s first large-scale offshore wind project to have obtained all required permits.
The company has signed a 20-year long-term renewable energy certificate sale and purchase agreement with Korea Southern Power at a fixed price of ₩307.144/kWh.
B.Grimm said the transaction does not qualify as a connected transaction or a material acquisition or disposal under Thai capital market regulations.