SBI Offshore buying majority stake in solar assets


August 4, 2015





August 4, 2015




A cash and shares transaction has been announced for 51% stakes in four photovoltaic plants in Bulgaria and two operating companies operated by Gräss Group from Germany. SBI Offshore, listed on the Singapore Exchange, said it will pay SGD 13.97 million (EUR 9.03 million) to its German partner, and assets will be injected into Graess Energy Pte Ltd, its Singapore-based joint venture with a 51% stake, to construct, own, and operate solar photovoltaic energy systems and plants.

SBI Offshore will pay the Gräss Group EUR 1.49 million in cash and issue 44 million new shares at 171 euro cent, worth EUR 7.56 million. The latter will enlarge SBI Offshore’s issued share capital to 293,680,100 shares. The issue price per consideration share represents a 15.72% premium over the volume weighted average price for the trades of SBI Offshore on July 30, the press release said.

Solar power plants at various locations in Bulgaria have an installed capacity of 16.3 MW. They have been operating since 2012 with 20-year power purchase agreements, and were so far wholly owned by the Gräss Group. SBI Offshore will acquire a 51% stake in Gräss Engineering GmbH, an engineering, procurement and construction company, and Gräss Operation SBI Offshore Limited Maintenance GmbH which provides operation and maintenance services. The two German-based companies were wholly owned by the Gräss Group.

Chan Lai Thong, Executive Chairman of SBI Offshore, said: “This acquisition will provide us the track record and capabilities to accelerate SBI Offshore’s foray into solar energy, and enable Gräss Energy to tap strategic growth opportunities in Asia.”

Related Articles


Siemens Energy, Air Liquide team up to make large-scale green hydrogen electrolyzers

27 June 2022 - The two companies believe their large-scale green hydrogen electrolyzers could help make renewable hydrogen competitive sooner


SEEPEX becomes Serbia’s nominated electricity market operator (NEMO)

24 June 2022 - SEEPEX's appointment as Serbia's nominated electricity market operator paves the way for market coupling with the neighboring EU countries

Eriola Bibolli General Manager ProCredit Bank Kosovo

ProCredit Bank Kosovo – a driver of green finance and energy transition in the country

24 June 2022 - Author: Eriola Bibolli, General Manager, ProCredit Bank Kosova  It is a well-known fact that climate...

Croatia launches auctions for premiums for large power plants

Croatia launches auctions for renewable energy utility-scale power plants

24 June 2022 - The deadline for submitting bids for the award of premiums is July 4, according to the public call published by HROTE