Download - B.Grimm Power: Q2’2021
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7 Strategies to empower Professionalism Partnershipthe world compassionately
• BGRIM as the sustainable utility solution provider, power by reliable clean energy
• Target signed PPA of 7,200 MW by 2025 and 10,000 MW towards 2030
Successful bond issuance worth THB 12 billion in July• Rating A- with effective coupon rate of
2.94% per annum• Green bond allocation of THB 3 billion
for green energy development
• GHG intensity declined by 8.9% to 0.37 tonnes CO2e/MWh in 2 years
• Commitment to Net Positive Impact biodiversity
• Net zero carbon emissions by 2050
Highlights
COD – Commercial Operation Date, SCOD – Scheduled Commercial Operation Date, IU – Industrial User, NNP – Normalised Net Profit
Compassion Financial performanceQ2'21 NNP rose 50% y-on-y • 7% electricity volume growth• 21.2 MW new IU in Q2'2021• Efficiency improvement of ABPR1&2• 18% declining SG&A• Declining financial cost to 3.8% in 1H'21
• COD of 16 MW Bo Thong wind farm in August
• 5 SPP replacement project construction on process to SCOD in 2H'2022
• To add new IU with total PPA over 40 MW in F2021
• Joint venture with PTT Global LNG Company Limited to explore opportunities throughout the value chain
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Agenda
02 Professionalism
01 7 Strategies to Empower the world compassionately
03 Partnership
04 Compassion
05 Financial Performance
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Our strategy is guided by our vision:
Empowering the world compassionately
That means empowering great people and partners to be a force for good in the societies and the environment where we operate.
EMPOWER
● Build human capabilities● Power industries, businesses
and communities
THE WORLD
● Find trusted partners and great opportunities in attractive countries
● Grow our footprint all over the world
COMPASSIONATELY
● Cultivate a culture of mindfulness and compassion among everyone at B.Grimm
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As compassionate professionals, we believe we can achieve success by adhering to our four core values
PositivityTo continue at a world-class level, we work with positivity, demonstrate a strong can-do-attitude and stay flexible and tolerant in the face of difficulties.
PartnershipWe work together as a team, among each other, with our customers, with our partners and communities. We constantly build, maintain and value trustworthy relationships to bring well being, prosperity, and happiness to others.
Pioneering SpiritWe aim to be a leader in the power business, since the beginning of the company. To accomplish that, we have to actively always seek out new opportunities in both investment and development.
ProfessionalismWe strive for excellence and world-class standards on all levels: be it in developing or operating power plants.
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Our five key success factorsgovern our long-term strategic success
Our capability to find attractive opportunities
Our capability to be an attractive partner of choice to others
Our capability to build, operate, and maintainstarting from greenfield
Our capability tofinance our growth at attractive rates
%
Our capability to embrace Digital Transformation
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We will focus on 7 strategic initiatives to (em)power our future
Market Opportunities
Needs for lower cost of electricity and resources
Needs for reliable power in industrial estate
Needs for power transmission in other countries Energy trading
Implement wide ranging digital technologies
Significantly expand our gas and renewable generating capacity in the region (B2G)
7 StrategicInitiatives
1
Become a significant player in the LNG business and clean fuel supply
2
Grow our B2B solution offerings to industrialcustomers
3
Supply commercial building complexes with reliable utilities
4
Become a significant player in private transmission & distribution
5
Maximize reliability and viability in energy trading
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Champion global best practices in digital transformation
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Increasingelectricity demand in Asia Pacific (B2G)
Needs for end-to-end total solution for buildings
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To be the Sustainable Utility Solution Provider, Powerby Reliable Clean Energy
Reliability Sustainability Affordability
Utility Solution Provider
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Many opportunities for government power purchase agreements (PPA) across the world with the biggest global power demand in Asia Pacific
Re-powering markets: Market design and regulation during the transition to low-carbon power
Gas turbines in the thermal power market, Growth rate by region 2020-2025
Growth trend: Low Medium HighSource: Mordor Intelligence report 2018, Team analysisSource: IEA (2016a), Team analysis
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We will focus on expanding our power generation business regionally and internationally to empower the world compassionately
Offer cleaner energy globally through long term concessions
Cost leadership in project development, financing, fuel supply, and operational excellence
Become a local company to support community, society and economy wherever we go
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12*Based on committed projects2018 2019
ABPR 3-5(399 MW)Solar WVO-Coop
2,076
2,896
1,217 MWEquity Capacity
1,819 MWEquity Capacity
BGPM(124 MW)Nam Che(15 MW)
(31 MW)
DT (420 MW)Phu Yen TTP(257 MW)ABP1 Extension(166 MW)PIC (5 MW)
7,200
HydroWind
GasSolarIWTE
Potential Projects
2020 2021 2022 2023 2024 2025
3,058
BGPAT1(123 MW)
Ray Power(39 MW)
Bo Thong 1&2 (16 MW)
BGPM Extension(124 MW)
Hybrid U-Tapao(15 MW)
2,894
1,938 MWEquity Capacity
3,090
5 SPPReplacement(700 MW)
Nam Khao 4(15 MW)
Tadsakoi(30 MW)
3,4653,480
3,502
1,953 MWEquity Capacity
2,178 MWEquity Capacity
2,549 MWEquity Capacity
2,560 MWEquity Capacity
2,576 MWEquity Capacity
No change in equity MW from DT asset separation on July 1
stdespite reduction in gross MW.
Nam Khao 2(15 MW)
BGPAT2, BGPAT3(280 MW)
Hybrid U-Tapao(80 MW) + (ESS 50 MWh)
Nam Khao 3(15 MW)
Nam Khao 1(15 MW)Nam Khao 5(15 MW)
We are expanding our signed power purchase agreements
to 7,200 MW in 2025
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.. and 10,000 MW towards 2030
Hydro
GasSolar
Hybrid
Transmission and Distribution System (T&D)
Wind
LNGSolar Rooftop
LAOS
PHILIPPINES
THAILAND
MALAYSIA
VIETNAM
CAMBODIA
KOREA
MYANMAR
INDONESIA
NORTH AMERICA
EUROPE
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The growth is in our backyard: Growing gas demand, declining domestic supply makes Southeast Asia one of the largest global markets for LNG
Myanmar
2020 2030 2040
Thailand
Philippines
Indonesia
Vietnam
Malaysia
Singapore15
60
114+660%
Source: Wood MacKenzie, BNEF, Team analysis
Demand for LNG (liquified natural gas) in Asia Pacific, 2020-2040, MMTPA
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LNG is our most significant cost item: Going forward, we want to turn LNG into a strategic advantage and revenue generator
LNG shipper license, for 1.2 million tons in Thailand
Collaboration with key stakeholders, including power plants, industrial estate developers, and logistic providers
Establish strong team capabilities, in both commercial and technical, to best serve our partners
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Following the Business: Major Industrial Parks in Thailand Following the Gas: Industrial estate locations are closely linked
with gas infrastructure access locations
Source: PTT, team analysis
Source: Krungsri Bank Industry Outlook Industrial Real Estate 2020-2022 report, Team analysis
Nong KhaiUdon Thani
Lamphun
Phichit
Ratchaburi
Songkla
SaraburiAyutthaya
BangkokSamut SakornSamut PrakanPrachinburiChachoengsaoSa KaewChonburiRayong
With the rising demand from the industrial sector, we will focus on providing reliable power and energy solution for Industrial Customers
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Our industrial customer base is continuously expanding over 300 companies
Energy storage
Solar Power
Combined cycleco-generation power plant
Energy trading platform &Renewable energy certificate
We have been trusted by hundreds of our industrial partnerslocally and internationally to supply electricity and utilities solutions
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New potential markets to come from Data Centers, EV manufacture, frozen warehouses, healthcare, modern warehouses
Create value for customers through reliability, smart energy, smart factories
Cost leadership from LNG import and operational excellence
Strategic partnership with industrial estate developers, MEA, PEA and industrial customers
We will focus on growing beyond industrial estates in the region, to provide extremely reliable electricity and additional services
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B.Grimm able to provide energy efficiency & healthy building solution by
• Captive power (Gas-Fired)• Solar panels and Inverters• Air-conditioning and controlling • Energy storage systems• Building management systems• Electric vehicle charging stations • Lighting sensors• Entry and exit controls• Power distribution boards
4Together with a variety of businesses under B.Grimm, we have the unique ability to be a total solutions provider to commercial and building end-users
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Energy Businesses
Industrial Businesses
Energy Equipment Cooling TransportationBuildingMaterials
B.Grimm Power● Co-generation● LNG● Hydro● Solar● Wind● Hybrid● Backup for Power
Trading● Waste to energy● Distribution Systems
Hamon B.Grimm● Environmental- friendly
cooling towerB.Grimm Babcock Power● Energy-efficient HRSG
& heat exchanger
B.Grimm Carrier● Energy-saving &
healthy residential AC Carrier Thailand● Complete HVAC
solutionBeijer B.Grimm● AC parts and
refrigerationB.Grimm Aircon● AC factory with
customization
PCM ● Train equipment &
spare partsPanrail● Railway development
& maintenance
B.Grimm Trading ● Energy-efficient building
solutionMBM Metalworks● Bespoke & heat-
insulated FacadesChubb● Safety & Security
SolutionKSB Pumps● Pump & valves. ● SupremeServ Smart
services
We can provide something other groups cannot: A total solution for building and commercial clients
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Amata City Long Thanh
1 2
3
4 5
Amata City Chonburi
1
3
2
x Remote Substation
x ABP 1-5
From more than 25 years of experience in transmission and distribution systems, we can help improve power infrastructure globally
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Amata City Halong
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5
The largest private transmission and distribution network in the region with 9 strategic locations
Strong networking with regulator to ensure we end up in the right geography and space in the value chain
To be the leader in developing smart grids and smart cities
We will be the first mover in the market to focus on transmission and distribution beyond industrial estate.
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Pilot project
• To prepare for an Asian Pacific region where energy trading and P2P energy may be a reality, we are already practicing trading within our own corporate campus
• We generate energy on solar rooftops and trade energy between different companies at different times – to simulate a real situation at larger scales with energy trading
We are currently doing a pilot project to trade energy between B.Grimm companies, to practice for positioning ourselves further downstream
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As distributed generation and renewables scale up, we seek to provide expertise and leadership in energy trading 6
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Done right at scale, digital transformation will materially affect competitiveness and profitability
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Our corporate financial strategy to support 10-year growth consists
of 3 pillars
Installed Capacity
10,000 MW
10-yearCAPEX
250-300 billionTHB
2030 Revenue over 100 billion
THB
$
DEBTPrudent Capital Structure
Through budget forecasting and controlling system to monitor key financial ratio within target i.e.● Consolidated Net Debt to Equity
Ratio at 2.0 times ● Project level Debt to Equity Ratio
at 3.0 times
Fundraising Initiatives● Non-recourse/limited recourse
project loan● EPC financing● Green loan/debenture● Perpetual debenture● Asset recycling● Infrastructure fund● Vietnam IPO
Risk Mitigation
manage foreign exchange rate, interest rate risk through natural hedge and hedging instrument
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PEOPLE
PLANET PROFIT
PEOPLE
PROFIT
PLANETAim to achieve carbon neutral by 2050
Students joined tiger conservation education6,704
Total Areas of Reforestation (sq.m.)
711,199
11Years of supportingDual Vocation Education Programs
11Years of supportingThe Little Scientists’ House
18Years of supporting Equestrian Sports in Thailand
16Years of supporting Royal Bangkok Symphony Orchestra
Generating Capacity in 2030Revenue (THB)in 2030
10,000 MW
> 100 Billion
With compassion, business can exist in harmony with nature
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We have been continuously awarded various sustainability recognitions after IPO in 2017
FTSE4GOOD Emerging IndexFTSE4GOOD ASEAN 5 Index
MSCI ESG Rating: A
Thailand Sustainability Investment by SET3 consecutive years (2018-2020)
ESG 100 company by Thaipat Institute4 consecutive years (2018-2021)
Thai CAC certifiedby Thailand’s Private Sector Collective Action 2 consecutive terms
CGR Score: EXCELLENTby Thai Institute of Directors Association
2018 The first green bond certified by Climate Bond Initiative in Thailand
2020 The first green loan certified by Climate Bond Initiative in CLMVT
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Empowering the world compassionately as a Utility Solution
Provider with net zero carbon emission in 2050
Reliability Sustainability Affordability
Utility Solution ProviderSignificantly expand gas and renewable generating capacity to the areas where electricity is insufficient1Become a significant player in the LNG business and clean fuel supply2Grow our B2B solution offerings to industrial customers3Build a foothold in commercial and buildingsegments4Become a significant player in private transmission & distribution5Maximize reliability and viability in energy trading6Champion global best practices in digital transformation7
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Agenda
02 Professionalism
01 7 Strategies to Empower the world compassionately
03 Partnership
04 Compassion
05 Financial Performance
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81.9%
15.6%1.9%
0.6%Waste to Energy
(IWTE) 5 MW
GAS – FIRED POWER PLANT (INDUSTRIAL POWER PLANTS) RENEWABLE GROUP
TRANSMISSION & DISTRIBUTION
25.6%
24.5%10.6%
4.7%
8.7%
8.7%
7.4%4.9%3.0%
Solar Group696 MW
(15 MW UnderDevelopment)
Total 849 MWIn Operation 737 MW*Total 2,640 MW
In Operation 2,144 MW*
Amata City (Chonburi)675 MW
(Including ABP1&2 Replacement of 140 MW each)
Amata City (Rayong) 647 MW
Bangkadi229 MW
Laem Chabang196 MW
(Including BPLC1 Replacement of 140 MW)
WHA Chonburi 1130 MW
World Food Valley280 MW
(Under Development)
Hydro Group133 MW
(98 MW Under Development)
Poi Pet PPSEZ 14 MW**
*As of August 2021**Transmission & distribution and solar rooftop are not included in total installed capacity
SOLAR ROOFTOP
Solar rooftop for industrial users and commercial buildings with up to 100 MW opportunity**
WHA (Map Ta Phut)280 MW
(Including BGPM Replacement of 140 MW each)
Angthong Province123 MW
Type of EnergyInstalled MW Equity MW
Total Capacity % In Operation Total Capacity % In OperationGas fired 2,560 MW 73.1 2,144 MW 1,769 MW 68.7 1,311 MWSolar 681 MW 19.4 681 MW 596 MW 23.1 596 MWHydro 133 MW 3.8 35 MW 95 MW 3.6 25 MWHybrid 95 MW 2.7 95 MW 3.7Wind 16 MW 0.5 16 MW 15 MW 0.6 15 MWIWTE 5 MW 0.1 5 MW 2 MW 0.1 2 MWBackup for power
trading 13 MW 0.4 13 MW 4 MW 0.2 4 MW
Total 3,502 MW 100 2,894 MW* 2,576 MW 100 1,953 MW*
U-Tapao Area (Hybrid)80 MW
(Under Development)
Wind Group16 MW
Well-diversified portfolio with expertise in green-field development
Bien Hoa 90 MW (with 13 MW back up for power trading)
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8,5777,609 7,6228,586 7,580 7,574
1st Round SPP 2nd Round SPP 3rd Round SPP 2020
6M'2021
97.4% 95.6%99.0%
96.6% 98.6% 97.1%
1st Round SPP 2nd Round SPP 3rd Round SPP
HIGH AVAILABILITY (AVAILABILITY FACTOR)
HIGH EFFICIENCY (HEAT RATE) Our SPP power plants have lower heat rates than contracted heat rates.
Contracted Heat Rate 8,600 BTU/kWh Contracted Heat Rate 8,000 BTU/kWh Contracted Heat Rate 7,950 BTU/kWh
(BTU/kWh)
Note: (a) Electricity equivalent generations of steam dispatched are calculated according to efficiency calculation of EGAT PPA (BGPM generation 1)1st Round SPP consist of ABP1, ABP2, BPLC1 and BGPM2nd Round SPP consist of ABP3, ABPR1, ABPR2, BIP1 3rd Round SPP consist of ABP4, ABP5, ABPR3, ABPR4 ABPR5, BIP2, BPWHA and BGPAT1
Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD
High standard technology leads to high efficiency & availability
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5 Under ConstructionReplacement In OperationABP1, ABP2, BPLC1, BGPM1, BGPM2
(SCOD in 2022)
ABP3, ABP4, ABP5, BPWHA, ABPR1, ABPR2, ABPR3, ABPR4, ABPR5, BIP1, BIP2,
BPLC2, BGPAT1
BGPAT2, BGPAT3(SCOD in 2023)
New Technology
MW increase by 135 MW
IUs portion
Gas consumption by 10-15%
Wastewater treatment capacity
MW increase by 280 MW
Food and beverage customer's base
Upgrading gas turbine of 6 projects under LTSA with Siemens during 2019-2023
LNG import for fuel-cost flexibility
7 MW / plant available for IU
SPP Portfolio
218
Maintenance period
Gas consumption by 1%
New Technology
Improve efficiency continually
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Benefits from the LTSA with SiemensEnhance Availability To increase availability or reduce the number of
maintenance days from 18-20 days to 10-15 days
To predict the degradation of a machine more accurateMoving towards Digitalization
Enhance Efficiency To enhance heat rate of gas turbine after performingmajor overhaul and doing design improvement
More operating days
More MW for IUs
Lower gas consumption by 1%
2019Plants 2018 2020
Nov Jan
Jul
Feb Nov
Jun-Jul
Aug-Oct
Feb
Jan
2 Gas Turbines 1 Gas Turbine2021 2022
LTSA Upgrade Schedule
BPWHA
ABPR2
ABPR1
ABP5
ABP3
ABP4
1
2
3
4
5
6
Asian Power Award 2020: “Power Plant Upgrade of
the Year-Thailand”by Asian Power Magazine
2023
Enhancing performance of operating projects
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ABP12019 2020 2021 2022 2023 2024 2025
ABP2
BPLC1BGPM #1
BGPM #2
166 MW, (15% holding) 140 MW, (51% holding), 25 years
140 MW, (51% holding), 25 years
140 MW, (100% holding), 25 years
171 MW, (15% holding)
103 MW, (100% holding)
62 MW, (70% holding)
62 MW, (70% holding)
62 MW, (70%)
62 MW, (70%)
140 MW, (70% holding), 25 years
140 MW, (70% holding), 25 years
166 MW, (51% holding)
Milestones
Sep
Sep
Jul
Dec
Dec
EPC & LTSA Signing PPA Signing Secure Financing Start Construction SCOD
Key considerationEGAT PPA period (years)
EGAT contract capacity (MW)
EGAT Tariff
IU Tariff
Contracted heat rate with EGAT (BTU/KWh)
BGRIM’s power plants applied with this scheme
Replacement
2530
Capacity Payment + Energy Payment
Benchmark with PEA7,409
ABP1, ABP2, BPLC1, BGPM (2 plants)
Extension*1-3
Up to 60
Energy Payment
Benchmark with PEA8,282
ABP1, BGPM (2 plants)
Existing 21-25
Up to 90Capacity Payment +
Energy PaymentBenchmark with PEA
8,600
ABP1, ABP2, BPLC1, BGPM (2 plants)
*For PPAs expired in 2019 - 2021
SPP extension and replacement scheme
Newer technology, improving efficiency
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Lower gas consumption by 1%
LNG weighted average cost
Storage and Regasification
Pipeline Transmissiononshore
Note: Based on current regulation
Power PlantsLNG
LNG import (obtaining the LNG Shipper license in 2020)
SPP gas from PTT
21.8 baht/ MMBTU
+ +
Pipeline Transmissiononshore + offshore
18 baht/ MMBTU 12 baht/ MMBTU
(Storage and regasification of LNG was included.)
Wellhead price(WH)
Margin9.33%
Increase flexibility in gas management with diverse sources
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Solar PV 15 MWESS 50 MWh
Co-generation power plant 80 MW
Hybrid Co-generation Power Plant
U-Tapao International Airport
Terminal Substation
Sattahip Electricity Authority
The Royal Thai Navy Welfare Concession
U-Tapao hybrid co-generation power plant
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Agenda
02 Professionalism
01 7 Strategies to Empower the world compassionately
03 Partnership
04 Compassion
05 Financial Performance
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B.Grimm Power PCLIndustrial Power Plant
HydroSolar
Wind
Hybrid
Waste to Energy
Distribution Systems
B.Grimm Trading CorporationHamon – B.GrimmB.Grimm Babcock Power
Energy Equipment
CoolingB.Grimm. AirconditioningB.Grimm Carrier (Thailand) Carrier (Thailand) Beijer B.Grimm (Thailand) TransportPCM Transport and Panrail (Thailand)B.Grimm Maritime Building MaterialsB. Grimm Trading CorporationKSB PumpsChubb (Thailand)MBM Metalworks
Merck ThailandGetinge Group ThailandZeiss ThailandBiomonde (Thailand) Primo Care Clinic
Energy Industrial Healthcare Lifestyle & Real Estate
B.Grimm Real EstateB.Grimm Country ClubThe MET Store ThailandNymphenburg PorcelainParis SpaProvence Restaurant
Strong partnership - Synergy under B.Grimm umbrella
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▪ Leading power producer in Thailand and Southeast Asia
▪ In-house teams with expertise in project development, and operations and maintenance
▪ Well-diversified portfolio• in Thailand, Vietnam, Lao PDR,
Cambodia, the Philippines and Oman
• 25 years of experience in co-generation power plants with currently 18 operating projects
• Approximately 300 industrial clients
• Solar farm and solar rooftops• Wind farm and hybrid power
plant under development
▪ Thailand’s leading property developer and investment company
▪ Various investments in real estate, related real estate business and others • Commercial buildings • Office Buildings• Condominium• Etc.
Solar RooftopsBiomass Power Plants
Co-generation Power Plants
Solar FloatingSmart Grid
Independent Power Supply (IPS) for real estate and other industries
Joint venture with Univentures
Hybrid Power plant Energy Solutions
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Joint venture with PTT Global LNG company limited
Cooperation with PTTGL to procure and supply LNG and explore other business opportunities related to LNG value chainboth domestically and internationally together
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Exploring business opportunities with MEA, PEA and PEA ENCOM
• Independent Power Supply (IPS) • Service coverage expansion• Microgrid and Smart Microgrid
System• Renewable project expansion
Partner with MEA, PEA and PEA ENCOM
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FOOTHOLD IN TOP INDUSTRIAL ESTATES WITHMULTIPLE OF GENERATING UNITS IN EACH LOCATION
SELECTED TOP IU FOR ELECTRICITY AND STEAM
THAILAND
CAMBODIA
LAOS
VIETNAM▪ 1 power plant▪ 130 MW▪ 3 generating units
▪ 2 power plants▪ 229 MW ▪ 6 generating units
▪ 2 power plants▪ 280 MW▪ 6 generating units
▪ 5 power plants ▪ 647 MW▪ 15 generating units
▪ 5 power plants ▪ 732 MW▪ 17 generating units
▪ 2 power plants ▪ 159 MW▪ 5 generating units
WHA Chonburi 1
Bangkadi
BGPAT2&3
Amata CityRayong
Amata City Bien Hoa
Gas-fired cogeneration power plants Transmission and Distribution
▪ 2 power plants ▪ 124 MW▪ 4 generating units
WHA Eastern (Map Ta Phut)
Amata CityChonburi
Laem Chabung
Poi Pet PP SEZ
▪ 1 power plant▪ 123 MW ▪ 3 generating units
World Food Valley
Long-term relationship with industrial estates and customers
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Agenda
02 Professionalism
01 7 Strategies to Empower the world compassionately
03 Partnership
04 Compassion
05 Financial Performance
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Solar power plants
Hydro power plants
Waste to energy power plantWind power plant
THAILAND
CAMBODIA
LAOS
VIETNAM
▪ 8 power plants▪ 60 MW
▪ 1 power plant ▪ 8 MW
▪ 1 power plant ▪ 8 MW
BGYSP
Solar WVO-Coop
Nam Khao▪ 5 power plants▪ 67.5 MW
BGPSK
TPS Com.
DT▪ 1 power plant▪ 240 MW
Phu Yen TTP▪ 1 power plant▪ 257 MW
Nam Che 1▪ 1 power plant▪ 15 MW
▪ 7 power plants▪ 31 MW
Solarwa▪ 5 power plants▪ 39 MW
▪ 1 power plant▪ 5 MW
PIC
XXHP▪ 1 power plant▪ 20 MW
Tadsakoi▪ 1 power plant▪ 30 MW
▪ 2 power plants▪ 16 MW
Bo Thong
▪ 1 power plant ▪ 39 MW
Ray Power
Expanding renewable power continually
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100% of SPP projects implemented• ISO 14001 Environmental
Management Systems• OHSAS 18001 / ISO 45001
Occupational Health and Safety Management System
Commit to Net Positive Impact (NPI) on biodiversity
11.9% reducing in netwater consumption in 2020 (vs 2019)
GHG intensity declined by 8.9% from 2018 to 0.37 tonnes CO2e/MWh in 2020
0% Fatality
Board Diversity• Independent directors 60% • Female directors 50%
CGR score of “Excellent”
ZERO case of corruption and non-complianceRenewable capacity rose to 29%
in 2020 from 8% in 2018
More than 60% of total water consumption was from mixed wastewater
Sustainability highlights
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Target to enter DJSI index by 2022MSCI ESG Rating of A, 2021
Thailand Sustainability Investment (THSI) List 2019by Stock Exchange of Thailand
Green Financing of the Yearby The Asset
Sustainability Report Awardsby SEC, CSR Club & Thaipat Institute
Thailand Sustainability Investment (THSI) List 2018by Stock Exchange of Thailand
ESG100 Company of 2018by Thaipat Institute
2018 CGR Scoreby Thai Institute of Directors Association (IOD)(2018-2019)
Thai CACby Thailand’s Private Sector Collective Action Coalition Against Corruption
2019 The Green Financial LeaderGreen Bond Awards 2019by Climate Bonds Initiative
ESG100 Company of 2019by Thaipat Institute
Sustainability Disclosure Awards 2019by Thaipat Institute
Platinum Award Excellence in ESG & Best Initiative in Environment Responsibility by The Asset
FTSE4Good Index Series: Emerging Markets Index & ASEAN 5 Indexby FTSE Russell
Phu Yen Green Loanby Climate Bonds Initiative
“Very Good”
2020
ESG100 Company of 2020by Thaipat Institute
Thailand Sustainability Investment (THSI) List 2020by Stock Exchange of Thailand
CGR Scoreby Thai Institute of Directors Association (IOD) (2020)
“Excellent”
Sustainability Disclosure Award 2020by Thaipat Institute
2021
Thai CACby Thailand’s Private Sector Collective Action Coalition Against Corruption ESG100 Company of 2021
by Thaipat Institute
MSCI ESG Rating of BBB, 2020
ESG Roadmap
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Agenda
02 Professionalism
01 7 Strategies to Empower the world compassionately
03 Partnership
04 Compassion
05 Financial Performance
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EBITDA AND EBITDA MARGIN (Unit: THB mn)
28.9% 31.1%
3,221 3,294 3,524
6,500 6,818
Q2'20 Q1'21 Q2'21 6M'20 6M'21
New-high EBITDA:• EBITDA grew 9.4% y-on-y in Q2’2021 and 4.9% in 6M’2021 due to new IUs,
continued improving performance of SPP and capacity growth from the CODof solar project in Cambodia.
• EBITDA margin remained strong at 30.7% in Q2’2021 and 31.1% in6M’2021 from• Gas-turbine upgrades of ABPR1 and ABPR2 during
June-October 2020 to improve efficiency• IU volume growth of 47.4% y-on-y in Q2’2021• Q2’2021 SG&A declined 17.6 y-on-y from expense control• 8.9% y-on-y declining gas cost per unit
EBITDA Margin
EBITDA+7.0% QoQ
+9.4% YoY
28.6%31.5% 30.7%
+4.9% YoY
TOTAL REVENUES (Unit: THB mn) 7,105 7,425
98% 97%98%
98% 97%2%
2%
2%1%
2%2%
11,243 10,45311,475
Q2'20 Q1'21 Q2'21 6M'20 6M'21
3,603 3,564 3,861
Total sales volume rose 7.1% y-on-y to 3,861 GWh in Q2’2021• Total revenue of THB 11,475 million in Q2’2021
• Revenue from IUs increased 43.3% y-on-y from growing demand andnew clients total PPA of 31.5 MW in 1H’2021.
• New revenue stream of THB 38 Million from the 39 MW solar projects inCambodia (COD in December 2020)
• In 6M’2021, total revenue decreased 2.4% y-on-y from 1) declinedenergy payment which is linked to the 13.1% y-on-y declining gas costper unit and 2) softening revenue from solar projects in Vietnam due toweather and curtailment issues before significantly improved sinceMarch 2021.
Electricity
SteamOthers+2.1% YoY
+9.8% QoQ
Total GWh Sales
1%22,466 21,928
-2.4% YoY
Steady cashflow from strong top line and EBITDA
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ELECTRICITY SALES VOLUME YoY SALES VOLUME FOR EACH INDUSTRIAL USER (TH) YoY
241
384
100170 134 161
88 117
Q2'20 Q2'21 Q2'20 Q2'21 Q2'20 Q2'21 Q2'20 Q2'21Amata City Amata City Laem Chabang Others (Bangkadi, Chonburi Rayong WHA Chonburi, Map Ta Phut)
2,557
563
2,516
831 -
500
1,000
1,500
2,000
2,500
3,000
Q2'20 Q2'21 Q2'20 Q2'21
3.04 2.853.32 3.23
Q2'20 Q2'21 Q2'20 Q2'21EGAT Industrial Users (TH)
EFFECTIVE GAS COST
Q2'20 Q2'21
ELECTRICITY SELLING PRICE YoY
262.41 238.98
EGAT• EGAT sales volume decreased 1.6% y-on-y primarily due to dispatch
compensation from EGAT last year (from maintenance of 500kV transmission in Q1’2020).
• Electricity price sales to EGAT decreased 6.3% y-on-y because the energypayment is generally adjusted to reflect changes in natural gas price whichdecreased 8.9% during the period.
IU Thailand• IU Thailand sales volume increased 47.4% y-on-y due to synchronisation from
new clients with total PPA of 21.2 MW in Q2’2021 or 31.5 MW in 6M’2021 and high electricity demand from key sectors especially auto-parts, tires, home appliances and industrial gas
• Electricity price sales to industry users Thailand decreased 2.7% y-on-y which is in line with Ft charge announced by the ERC.
(Unit: GWh) (Unit: GWh)
EGAT Industrial Users (TH)
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE YoY Electricity Sales Volume Decreased YoY for EGAT and Increased for IU (Q2’2020 vs Q2’2021)
Steady cashflow from strong top line and EBITDA (YoY)
(Unit:THB/KWh) (Unit: THB/MMBTU)
58
ELECTRICITY SELLING PRICE QoQ
2,300 814
2,516
831 -
500
1,000
1,500
2,000
2,500
Q1'21 Q2'21 Q1'21 Q2'21
2.72 2.853.23 3.23
Q1'21 Q2'21 Q1'21 Q2'21EGAT Industrial Users (TH)
EGAT Industrial Users (TH)
Q1'21 Q2'21
387 384
152 170 168 161 108 117 -
100
200
300
400
500
Q1'21 Q2'21 Q1'21 Q2'21 Q1'21 Q2'21 Q1'21 Q2'21Amata City Amata City Laem Chabang Others (Bangkadi, Chonburi Rayong WHA Chonburi, Map Ta Phut)
SALES VOLUME FOR EACH INDUSTRIAL USER (TH) QoQELECTRICITY SALES VOLUME QoQ
EFFECTIVE GAS COST
220.64 238.980.0%
Steady cashflow from strong top line and EBITDA (QoQ)
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE QoQElectricity Sales Volume Increased QoQ for EGAT and Increased for IU (Q1’2021 vs Q2’2021)
(Unit:THB/KWh)
(Unit: GWh) (Unit: GWh)
(Unit: THB/MMBTU) EGAT• EGAT sales volume increased 9.4% q-on-q primarily due to more scheduled
maintenance during Q1’2021.• Electricity price sales to EGAT increased 4.8% q-on-q because the energy
payment is generally adjusted to reflect changes in natural gas price which increased in Q2’2021.
IU Thailand• IU Thailand sales volume increased 2.0% q-on-q primarily due to growth from
auto-parts, tires, home appliances and industrial gas and new clients with total PPA of 21.2 MW in Q2’2021.
• Electricity price sales to industry users Thailand remain unchanged which is in line with Ft charge announced by the ERC.
59
Auto part42%
Tire17%
Industrial Gas10%
Home Appliance 9%
Packaging6%
Consumer3%
Others13%
Q2’2021 IU VOLUME BREAKDOWN BY SECTOR
EGAT63%
IU-TH23%
EVN7% IU-VN
3%PEA, MEA, EDC2%
Steam2%
EDL1%
THB 11,476 mnQ2’2021
Sales and Service Income
Q2’2021 REVENUE BREAKDOWN BY CUSTOMER
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020 2021
New-high IU volume of 831 GWh in Q2’2021
(Thai new year)
Revenue breakdown
IU Volume
60
261.56 269.57 271.02 266.33 261.09 256.80 241.30 236.01 228.35 211.94212.48 217.68 220.16 219.52 220.83 231.95 239.19 244.53
265.43 259.38 255.92270.13 265.53 265.29
SPP Gas Price (THB/MMBTU)Ft (THB/kWh)
Source: ERC and PTT
Based on 2019 figures;
◼ THB 0.01 change in IU tariff would impact earnings by THB 18 million per annum.
◼ THB 1/MMBTU change in gas cost would impact earnings by THB 15 million per annum.
-0.1160 -0.1160 -0.1160 -0.1160 -0.1160 -0.1160 -0.1160 -0.1160 -0.1243 -0.1243 -0.1243 -0.1243-0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532
Ft charge and gas price
61
RECONCILE NORMALISED NET PROFIT (NNP) OF Q2’2021
1,3561,656
904
904
6M'20 6M'21
9.8% 9.7% 13.5%
674 646 1,011428 370
3541,102 1,016 1,544
0
500
1000
1500
2000
Q2'20 Q1'21 Q2'21
+56.5% QoQ
+50.0% YoY
NNP Margin
NNP to owner
NNP to Non-Controlling Interest (NCI)
10.1% 11.7%
2,2602,560
+22.1% YoY
New-high NNP in Q2’2021• NNP to owner increased 50.0% y-on-y in Q2’2021 to THB 1,011 million and
22.1% y-on-y in 6M’2021 to THB 1,656 million from• Continued expansion of IU base with new PPAs of 21.2 MW in Q2’2021• Gas-turbine upgrades to improve efficiency• 17.6% declining SG&A from expense control• THB 169 million net realised FX gain
• NNP margin increased to 13.5% in Q2’2021
(Unit: THB mn)NORMALISED NET PROFIT (NNP)(Unit: THB mn)
1,011
73 5341,544
Net Profit
1,022
1,471
449
664
Q2’21 Unrealised FX Loss
NNP NNP to NCI
NNP to owner
Reconciliation Items:• Unrealised Fx loss of THB 73 million in Q2’2021 was a non-
cash item from USD debt translation and the THBdepreciation against USD during this period.
449
Strong normalised net profit
62
STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2021
Assets Liabilities and Equity
Financial Position as of 30 June 2021
Total assets • Total assets increased by 6.5%, primarily due to the
continual expansion of project portfolio both local andoverseas.
Total liabilities• Total liabilities increased by 7.3%, primarily due to
borrowing for project development.Total Equities• Total equity increased by 4.5%, primarily due to an
increase in retained earnings during the period.70% 70%
30%30%
31 Dec 20 30 Jun 21
15% 17%8% 8%
77%75%
31 Dec 20 30 Jun 21
130,696139,147
Cash, cash Equivalents and ST investments
OtherCurrent Assets
Total Liabilities
TotalEquity
Non- Current Assets
130,696139,147
Strong financial position with well-managed capital structure
63
Well-managed debt profile
DEBT PROFILE
4.9% 4.7% 4.6% 4.6% 4.1% 3.8%
0.00
0.01
0.02
0.03
0.04
0.05
0.06
2016 2017 2018 2019 2020 6M'2021
• Financing costs at 3.8% in 6M’2021 due to altering of financial structure according to debt refinancing.
25%19%
Project Level (Under Construction)
Loan (THB)
0%Project Level
(Under Construction)Loan (USD)
THB 84,048 mn(as of 30 June 2021)
Project Level (In Operation)Loan (THB)
THB 21,360 mn
THB 18,902 mn
Project LevelDebenture
THB 8,241 mn
Corporate LevelLoan
THB 16,143 mn
Corporate LevelDebenture
THB 14,681 mnProject Level
(In Operation)Loan (USD)
22%THB 4,709 mn
6%
THB 13 mn
10%
17%
• Only 29% loan represents loan at the corporate level. The remaining71% contributes to debts at power plant level with limited recourse tosponsor
• Interest obligations of almost all power plant level debts are swappedto fixed rate
• Only 22% of total loan as of 30 June 2021 is denominated in USDwhich is matched with a proportion of EGAT tariff indexation to USD atproject level, so called “Natural Hedge” strategy
FINANCING COSTS
• Successful bond issuance worth THB 12 billion in July 2021 with Rating A-, effective coupon rate of 2.94% per annum and Green bond allocation of THB 3 billion for green energy development
64
1.0x 0.9x1.5x 1.5x
(1.50) (1.40) (1.30) (1.20) (1.10) (1.00) (0.90) (0.80) (0.70) (0.60) (0.50) (0.40) (0.30) (0.20) (0.10)
- 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40 2.50
Dec-20 Jun-21
Company only Consolidated
Capital Structure and Dividend Policy
0.15 0.15 0.15 0.15
0.17 0.220.30
00.050.1
0.150.2
0.250.3
0.350.4
0.450.5
2017 2018 2019 2020 2021
45% 45% 45% 45%
• Manage debt and equity funding to optimize capital structure
• Seek to obtain financing at project level• Limited-recourse project loan with back-end equity• Target 3.0x debt to equity project financing at
outset, delivering over project life• Consolidated debt included loans at power plants
because BGRIM holds majority in most of the projects
NET INTEREST-BEARING DEBT TO EQUITY RATIO
• Minimum 40% of normalised net profit of consolidated financial statements
DIVIDEND POLICYCAPITAL STRUCTURE
(Unit: THB)DIVIDEND PER SHARE
2H
1H
Dividend payout based on normalised net profit
0.30 0.320.37
0.45
Gearing Ratios• The consolidated net interest-bearing debt to equity
ratio stable at 1.5x and decreased to 0.9x forCompany only as a result of increasing of retainedearnings during the period.
66
Governmentand Regulator (ERC)
Generation EGAT IPP Import SPP VSPP
Transmission EGAT Transmission & System Operation
Distribution
Direct Purchase
from EGAT
EndUsers
Industrial UsersUser
Electricity & Steam
MEA PEA
Policy
Regulation
Thailand power industry
67
1) Located in strategic industrial estates, near users2) IU tariff is linked to market price while EGAT tariff
is based on a cost-plus model3) Provide both electricity and stream to IUs
Contracted Capacity 30-90 MW The rest All (> 90 MW)
Off-taker EGAT Industrial Users EGAT
Tenors 20-25 10-15 20-25Product and Service Electricity Electricity, Stream,
Demin Water Electricity
Tariff Structure CP+EP+FS Base Tariff + Ft AP+EP
Minimum CP Base Tariff APFuel cost pass-through mechanism EP Ft EPIncentive from the government FS* - None
IPPSPP
*Fuel saving payment is made to cogeneration when the plant achieves a certain degree of cogeneration efficiency = 0.36 Baht /kWh
SPP
Round 1: 1992Round 2: 2007Round 3: 2010Replacement: 2018
CP = Capacity PaymentEP = Energy PaymentFS = Fuel SavingAP = Availability PaymentFS = Fuel Saving
Small Power Producer (SPP) scheme
68
Track Record of Extensions
23.1 Years 20.6
Years19.5
Years17.9
Years17.2
Years
8.4 Years
EDL PEA / MEA EDC EVN EGAT Industrial users -electricity (Thailand)
15.0Years
WEIGHTED AVERAGE REMAINING PPA LIFE
LONG-TERM PPA STRUCTURE• EGAT : 21 to 25 years tenor with take-or-pay structure• PEA / MEA : up to 25 years tenor (VSPP of solar, wind, waste to energy)• EDC : 20 years tenor (solar)• EDL : 25 years tenor (hydro)• EVN : 20 years tenor (solar)• Industrial Users : up to 15-year tenor with track record of extensionsSecured Gas Supply with PTT covering respective PPA tenorsGas price pass-through at contracted heat rate under EGAT PPANote: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 31 June 2021 to expiry weighted by the aggregate contracted capacity under the relevant agreement
Longt-term PPA and well-established contracts
69BGRIM’s electricity tariff for IU is normally benchmarked with PEA (base tariff+Ft) which generally moves in the same direction with gas price.
Ft (Fuel Adjustment Charge) is a component of electricity market tariff, announced by Energy Regulatory Commission (ERC) every 4 months toreflect EGAT’s overall cost electricity which includes EGAT’s power generations, its purchase from private sector and the import from neighboringcountries
➢ In general, natural gas contributes approximately 70% of total fuel used to produce electricity in Thailand. Thus, change in gas price has highcorrelation with change in Ft.
➢ In addition, the gap between these two indexes is widen since 2011 – when renewable business started commencement in Thailand.
Jan-
05
Jul-0
5
Jan-
06
Jul-0
6
Jan-
07
Jul-0
7
Jan-
08
Jul-0
8
Jan-
09
Jul-0
9
Jan-
10
Jul-1
0
Jan-
11
Jul-1
1
Jan-
12
Jul-1
2
Jan-
13
Jul-1
3
Jan-
14
Jul-1
4
Jan-
15
Jul-1
5
Jan-
16
Jul-1
6
Jan-
17
Jul-1
7
Jan-
18
Jul-1
8
Jan-
19
Jul-1
9
Jan-
20
Jul-2
0
Jan-
21
Jul-2
1
Change in Ft vs Gas Price in 2005-2021Introduction of
renewable energy
Adjusted Ft Index
Gas Price Index
High correlation between gas price and Ft charge
71Note: As of August 2021
(a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant(b) Amata B.Grimm Power owned 30.0% of ABPIF’s units and consequently, our economic ownership of Amata B.Grimm Power 2 Limited was 15.3%(c) ABP1, ABP2, BPCL1 and BGPM got the approval to build new replacement projects under the 25-year PPA with the scheduled commercial operation in 2022(d) Acquired from Sime Darby Energy on 30 June 2014(e) We instead purchase power directly from a subsidiary of EVN which we then on-sell to industrial users in Amata City Bien Hoa Estate
Company Abbreviation Fuel Type COD EconomicOwnership %(a) Installed Equity Offtaker / PPA Expiry EGAT Contracted
Capacity (MW)IU Electricity Contracted
Capacity (MW)Steam Contracted
Capacity(MW) (MW) Program (t/h)
Amata Nakorn Industrial Estate, ThailandAmata B.Grimm Power 1 ABP1 Gas-Fired Cogen Sep-98 50.69% 166.4 84.3 EGAT (SPP) Sep-22(c) 60.0 104.3 6.0Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep-01 15.3%(b) 171.2 26.2 EGAT (SPP) Sep-22(c) 90.0 101.0 19.0Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.70% 132.5 80.4 EGAT (SPP) Oct-37 90.0 43.1 13.0Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov-15 55.50% 131.1 72.8 EGAT (SPP) Nov-40 90.0 30.9 -Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun-16 55.50% 131.1 72.8 EGAT (SPP) Jun-41 90.0 32.7 13.0Subtotal 732.3 336.5 420.0 312.0 51.0Amata City Industrial Estate, ThailandAmata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov-13 61.70% 123.3 76.1 EGAT (SPP) Nov-38 90.0 33.0 14.0Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun-13 61.70% 124.4 76.8 EGAT (SPP) Jun-38 90.0 24.0 14.0Amata B.Grimm Power (Rayong) 3 ABPR3 Gas-Fired Cogen Feb-18 55.50% 133.0 73.8 EGAT (SPP) Feb-43 90.0 18.0 -Amata B.Grimm Power (Rayong) 4 ABPR4 Gas-Fired Cogen Jun-18 55.50% 133.0 73.8 EGAT (SPP) Jun-43 90.0 33.5 -Amata B.Grimm Power (Rayong) 5 ABPR5 Gas-Fired Cogen Oct-18 55.50% 133.0 73.8 EGAT (SPP) Oct-43 90.0 34.5 -Subtotal 646.7 374.3 450.0 143.0 28.0Laem Chabang Industrial Estate, ThailandB.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01(d) 100.00% 103.0 103.0 EGAT (SPP) Jul-22(c) 60.0 54.3 46.2B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.00% 56.1 56.1 – – – 61.3 18.5Subtotal 159.1 159.1 60.0 115.6 64.7Bangkadi Industrial Park, ThailandB.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr-15 74.00% 114.6 84.8 EGAT (SPP) Apr-40 90.0 14.0 –B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan-16 74.00% 114.6 84.8 EGAT (SPP) Jan-41 90.0 24.3 –Subtotal 229.2 169.6 180 38.3 –WHA Chonburi1 Industrial Estate, ThailandB.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov-16 70.00% 130.2 97.7 EGAT (SPP) Nov-41 90.0 31.7 –WHA Eastern (Map Ta Phut) Industrial Estate, Thailand
B.Grimm Power (AIE-MTP) BGPM Gas-Fired CogenFeb &Dec-98
70.00% 124.0 86.8 EGAT (SPP) Feb & Dec-21(c) 110.0 4.6 48.0
B.Grimm Power (Angthong) 1 BGPAT1 Gas-Fired Cogen May -16 70.00% 123.0 86.1 EGAT (SPP) May-41 90.0 3.0 5.0Gas-Fired Cogen Total 2,144.5 1,310.1 1,400.0 648.2 196.7Amata City (Bien Hoa) Industrial Estate, VietnamAmata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.70% 13.0 4.0 – – – 441.4 –Conventional Total 2,157.5 1,314.1 1,400.0 1,089.6 196.7
Operational power plants: conventional
72
Operational power plants: solarCompany / Project Abbreviation Location COD
EconomicOwnership %(a)
Capacity Main PPA(s)Installed
(MW)Equity (MW)
Offtaker /Program PPA Expiry
B.Grimm Yanhee Solar Power BGYSP 100.0% 59.7 59.7
Sai Luang 2
Pathumthani province, Thailand Dec-15
8.0 8.0
PEA (FiT) Dec-40
8.0 8.0Sai Luang 3
Sai Luang 9 7.2 7.2
Sai Luang 10 7.5 7.5
Sai Yai Nha 8.0 8.0
Sai Manow 8.0 8.0
Sai Putsa 8.0 8.0
Sai Sena 2 Ayutthaya province, Thailand 5.0 5.0Solarwa Solarwa 47.5% 38.5 18.3
Sai Lui Rim Num
Nakhon Pathom province, Thailand
Dec-15
8.0 3.8
PEA (FiT) Dec-40
Sai Chalouw 1 8.0 3.8
8.0 3.8Sai Sab
BGTTRE2
Saraburi province, ThailandBGTTRE3 8.0 3.8
6.5 3.1
TPS Commercial TPS Saraburi province, Thailand Dec-15 47.5% 8.0 3.8 PEA (FiT) Dec-40B.Grimm Solar Power (Sakaeo) 1 BGPSK Sakaeo province, Thailand Apr-16 100.0% 8.0 8.0 PEA (FiT) Apr-41Solar WVO-Cooperatives Solar WVO-Coop Dec-18 100.0% 30.8 30.8
BSPCD Sakaeo province, Thailand 2.3 2.3PEA (FiT)
Dec-43
BGPCCS Chachoengsao province, Thailand 3.6 3.6BSPCB Surat Thani province, Thailand 5.0 5.0
BGSP1WN Bangkok province, Thailand 5.0 5.0
MEA (FiT)BGPLKB Bangkok province, Thailand 5.0 5.0BGPBBO Samut Prakan province, Thailand 5.0 5.0BGPSAI Nonthaburi province, Thailand 5.0 5.0
Dau Tieng Tay Ninh Energy DT Tay Ninh province, Vietnam Jun-19 96.25% 240.0 231.0 EVN (FiT) Jun-39Phu Yen TTP (Phu Yen) Phu Yen TTP Phu Yen province, Vietnam Jun-19 80.0% 257.0 205.6 EVN (FiT) Jun-39Ray Power Ray Power Banteay Meanchey Province, Cambodia Dec-20 100.0% 39.0 39.0 EDC (FiT) Dec-40Total 681.0 596.2
Note: As of August 2021(a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant.
73
SPP Gas-fired Cogeneration Solar PV Solar (Vietnam) Wind Hydro iWTE Solar
(Cambodia)
EGATIndustrial Users PEA/MEA
(FiT) EVN PEA (Adder) EDL PEA EDCElectricity Steam
Term (years) 21 – 25 years 5 – 15 years(a) 5 – 15 years(a) 25 years 20 years 5 years 25 years 20 years 20 years
Extension option ✓ ✓ ✓ – – 5 years auto extension Up to 10 years – –
Contracted capacity
90 MW (except for
BPLC1 which is 60MW)
Depends on each contract 2.25-8 MW 677 MW dc564 MW ac
8 MW (each) 6.7 – 15 MW(b) 4 MW 30 MW
Secured fuel supply ✓ ✓ ✓ N/A N/A N/A N/A N/A N/A
Natural gas cost pass-through✓
(at contracted heat rate)
Partially through Ft
Depends on contract N/A N/A N/A N/A N/A N/A
FX pass-through ✓Partially through
Ft – – – – – – –
Inflation indexation – – ✓ – – – – – –
Tariff See next page 5.66 THB/kWh4.12 THB/kWh
9.35 Cents/kWh
PEA wholesale + 10-year adder at 3.50 THB/kWh
6.50 Cents/kWhFiTF + FiTV + 8-year adder
at 0.7 THB/kWh7.60 Cents/kWh
Applicable power plants ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPAT1-3, BGPM
BGYSP (8 projects),Solarwa (5
projects), TPS, BGPSK,
Solar WVO-Coop
DT1&2, Phu Yen TTP
Bo Thong(2 projects)
XXHP(2 projects),
Nam Che, Nam Khao 1-5(5 projects)
PIC Ray Power
Source: 56-1, EGAT, PEASome contract terms are year-on-year basisAccording to concession agreements
Contractual overview: commercial features
74
Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving Payment + VAT
Capacity Payment Rate (THB/kW/month) = 𝐶𝑃0 × (𝑥 ×𝐹𝑋𝑡
𝐹𝑋0)+(1− 𝑥)
Energy Payment Rate (THB/kWh) = 𝐸𝑃0 +𝑃𝑡−𝑃0
106× contracted Heat Rate
Fuel Saving Payment Rate (THB/kWh) = 𝐹𝑆0 ×𝑃𝐸𝑆𝑡
10%
𝐹𝑋𝑡 = THB/ US$ Exchange Rate
𝑃𝑡 = Price for natural gas PTT sells to SPPs in a month (THB/MMBTU)
𝑃𝐸𝑆𝑡 = primary energy saving (“PES”) statistic measuring the efficiency rate of our gas-fired cogeneration power plant in consuming natural gas in the generation of electricity and thermal energy
SPP Regulation 1992, 2005 2007 2010
Applicable power plantsABP1-2, BPLC1,BGPM
ABP3, ABPR1-2,
BIP1
ABP4-5,ABPR3-5,
BIP2, BPWHA, BGPAT1
Base Capacity Payment Rate (𝐶𝑃0) (THB/kW)
302.00 383.66 420.00
Base Exchange Rate (𝐹𝑋0) (THB/US$)
27 37 34
US$THB FX indexation (𝑥) 0.8 0.5 0.5
Base Energy Payment Rate (𝐸𝑃0) (THB/kWh)
0.85 1.70 1.85
Base Price for Natural Gas PTT sells to SPPs (𝑃0) (THB/MMBTU)
77.0812 209.4531 232.6116
Contracted Heat Rate (BTU/kWh)
8,600 8,000 7,950
Fuel Saving Payment - ✓ ✓
Base Fuel Saving Payment (𝐹𝑆0) (THB/kWh)
- 0.36 0.36
TARIFF STRUCTURE
Contractual overview: EGAT PPA under SPP program
75
ProjectsInstalled Capacity
(MW)Steam Capacity
(ton/hr)Type of maintenance
Duration(days)
2021Q1 Q2 Q3 Q4
Amata City (Chonburi)
ABP4 131.1 30.0 Major Overhaul 27
ABP5 131.1 30.0 Major Overhaul 15
Amata City (Rayong)
ABPR3 133.0 30.0 Major Inspection 24
ABPR4 133.0 30.0 Major Inspection 24
ABPR5 133.0 30.0 Major Inspection 24
Bangkadi
BIP1 114.6 20.0 Major Inspection 10
Laem Chabang
BPLC2 56.1 20.0 Major Inspection 11
WHA Eastern (Map Ta Phut)
BGPM 124.0 90.0 Major Overhaul 22
ProjectsInstalled Capacity
(MW)Steam Capacity
(ton/hr)Type of maintenance
Duration(days)
2020
Q1 Q2 Q3 Q4Amata City (Rayong)
ABPR1 123.3 30.0 Major Overhaul 40
ABPR2 124.4 30.0 Major Overhaul 40
WHA Chonburi 1
BPWHA 130.0 30.0 Major Inspection 15
Major maintenance schedule in 2020 to 2021
76
ABBREVIATIONADB Asian Development Bank
COD Commercial Operation Date
EBITDA Earnings before Interest, Taxes, Depreciation and Amortization
EDC Electricite Du Cambodge
EDL Electricite Du Laos
EGAT Electricity Generating Authority of Thailand
ERC Energy Regulatory Commission
EPC Engineering, Procurement and Construction
EVN Electricity of Vietnam
FiT Feed-in Tariff
kWh / GWh Kilowatt / Gigawatt-hour
MEA Metropolitan Electricity Authority
MMBTU Million Btu (unit of gas consumption)
NNP Normalised net profit
OUR PROJECTSABPIF Amata B.Grimm Power Plant Infrastructure Fund
ABP1 Amata B.Grimm Power 1
ABP2 Amata B.Grimm Power 2
ABP3 Amata B.Grimm Power 3
ABP4 Amata B.Grimm Power 4
ABP5 Amata B.Grimm Power 5
ABPR1 Amata B.Grimm Power (Rayong) 1
ABPR2 Amata B.Grimm Power (Rayong) 2
ABPR3 Amata B.Grimm Power (Rayong) 3
ABPR4 Amata B.Grimm Power (Rayong) 4
ABPR5 Amata B.Grimm Power (Rayong) 5
BGPAT1 B.Grimm Power (Angthong) 1
BIP1 B.Grimm BIP Power 1
BIP2 B.Grimm BIP Power 2
BGPM B.Grimm Power (AIE-MTP) (SPP1)
BPLC1 B.Grimm Power (Laem Chabang) 1
BPLC2 B.Grimm Power (Laem Chabang) 2
BPWHA1 B.Grimm Power (WHA) 1
DT Dau Tieng Tay Ninh Energy Solar Project
Nam Che 1 Nam Che 1 Hydro Power Project
PIC Progress Interchem
FX Foreign exchange
IPO Initial public offering
IU Industrial user
IWTE Industrial Waste to Energy
JV Joint venture
P.A. Per annum
PEA Provincial Electricity Authority (Thailand)
PPA Power purchase agreement
PTT PTT public Company Limited
ROA Return on assets
ROE Return on equity
SG&A Selling, general & administrative expense
YE Year End
YoY Year-on-Year
O&M Operations and maintenance
BGPSK B.Grimm Solar Power (Sakaeo) 1
BGSENA B.Grimm Sena Solar Power Limited
BGYSP B.Grimm Yanhee Solar Power
Phu Yen TTP Phu Yen TTP Solar Project (Phu Yen)
Solar WVO Solar WVO-Cooperatives Projects
Ray Power Ray Power Supply Company Limited
XXHP Xenamnoy 2 and Xekatam 1 Hydro Power Project
BSPCD The Chon Daen agricultural cooperatives project
BGPCCS The WVO project, namely the Veteran Support Office of Chonburi
BSPCB The Ban Na Doem agricultural cooperatives project
BGSP1WNThe WVO project, namely Office of Agriculture, Industry and Services Affairs
BGPLKB The WVO project, namely the Veterans General Hospital
BGPBBOThe WVO project, namely the WVO Office of Terminal Production Workshop
BGPSAI The WVO project, namely the WVO Office of Security Services
Abbreviation & our projects
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DisclaimerNone of the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in thisdocument or otherwise made available nor as to the reasonableness of any assumption contained herein or therein, and any liability therein (including in respectof any direct, indirect or consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise orrepresentation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctnessof the information contained herein. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice.This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction and anyrecipient hereof should conduct its own independent analysis of the Company, including the consulting of independent legal, business, tax and financial advisers.The information in these materials is provided as at the date of this document and is subject to change without notice..
INVESTOR RELATIONSEmail: [email protected]
Tel: +66 (0) 2710 3528
Solaya Na Songkhla
Email: [email protected]
Pornratchanee Sethakaset
Email: [email protected]
Gunnlapat Wichutarat
Email: [email protected]
Thunruethai Makaraphan
Email: [email protected]
Contact Us:Dr. Gerhard Link Building,
5 Krungthepkreetha Road, Huamark, Bangkapi, Bangkok 10240, Thailand
Tel: +66 (0) 2710 3400Fax: +66 (0) 2379 4245