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(Bloomberg) — B.Grimm Power Pcl has acquired a 25% stake in New England Reliable Hydropower Holdings LLC for $230 million, marking another step in the Thai power producer’s push to expand its renewable energy footprint in overseas markets.
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BGP Holding (US) LLC, B.Grimm’s wholly owned unit, completed the investment in NERH on Jan. 9, according to the company’s exchange filing Monday. The transaction follows a purchase and sale agreement signed on July 10 after all closing conditions were met, it said.
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The deal underscores B.Grimm’s aggressive expansion into renewable energy as the company seeks to scale up clean power capacity across several regions from Japan and S. Korea to the US. The company has been pursuing overseas investments in wind, solar and hydropower projects, with the U.S. seen as a key growth market.
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B.Grimm has long-term objectives of reaching 10,000 megawatts of installed capacity by 2030, the company said. It currently operates power projects in 15 countries with total capacity of about 4,200 megawatts, according to its website.
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NERH’s acquisition would be B.Grimm’s largest investment in the US. In 2024, the company invested $69.5 million for a 30-megawatt hydropower plant in California.
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NERH owns and operates a portfolio of 26 hydropower plants with a combined installed capacity of 406 megawatts, along with 8 megawatts of co-located battery storage in the U.S.
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Most of the assets are located in Maine, with the remainder in New Hampshire, and account for about 20% of total hydropower generation in New England’s liberalized electricity market. Affiliates of Brookfield Asset Management retain the remaining 75% stake in the hydropower operator following the transaction.
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