Thailand’s B.Grimm Power has raised its direct stake in the 365-megawatt Yeonggwang Nakwol offshore wind project in South Korea to 49%, the company said on Tuesday, as it prepares for the project’s partial commercial launch in the fourth quarter of 2025.
Through its subsidiary B.Grimm Power Korea, the company acquired an additional 20.8% stake in Nakwol Blueheart from Myungwoon Industry Development for ₩16.9 billion (€11.7 million). Simultaneously, B.Grimm Power Korea divested its 29% stake in Myungwoon back to the company for the same amount.
The transaction streamlines B.Grimm’s ownership structure in the project, which is set to become South Korea’s first large-scale offshore wind development to receive all necessary permits.
“The adjustment streamlines ownership ahead of partial commercial operation in the fourth quarter of 2025,” the company said in a statement.
Nakwol Blueheart has secured a 20-year renewable energy certificate (REC) sale and purchase agreement with Korea Southern Power at a fixed price of ₩307.144 per kilowatt-hour.
B.Grimm noted that the deal does not constitute a connected transaction or material acquisition under Thai capital market regulations.
The Yeonggwang Nakwol project is positioned to support South Korea’s broader renewable energy targets as the country accelerates development of offshore wind capacity.
