Thailand: Harnessing Opportunities For Growth

Multinational conglomerate B.GRIMM accelerates its clean energy strategy while expanding globally across renewables, data infrastructure and healthcare.

B.GRIMM is a multinational conglomerate rooted in Thailand, with operations spanning Asia, the Middle East, Europe and North America. Known for its 147-year legacy of “Doing Business with Compassion,” the company continues to evolve across its core sectors of energy, healthcare and infrastructure.

B.GRIMM began its energy journey in 1998 with a 140-megawatt (MW) combined-cycle cogeneration facility. Since listing on the Stock Exchange of Thailand in 2017, it has grown to 64 power plants with a total installed capacity of 4 gigawatts (GW). The company aims to increase this to 10 GW by 2030, with more than half from renewables.

A key milestone was recently announced: a strategic partnership with Singapore-based Digital Edge to invest US$1 billion in a 96 MW data center in Chonburi, within Thailand’s Eastern Economic Corridor. The facility, designed to support large-scale data and cloud services, is expected to be operational by the end of 2026.

“Thailand is emerging as a digital hub, and we recognize the transformative power of AI and cloud computing in driving global innovation. Our role is to provide sustainable, forward-thinking energy solutions that empower this transformation,” says Harald Link, Chairman of B.GRIMM.

Thailand’s data center boom, fueled by global tech investments, creates opportunities for integrated infrastructure and energy providers like B.GRIMM.

Growing Global Presence

Beyond Thailand, B.GRIMM’s clean energy projects span South Korea, Japan, the Middle East, Europe and North America.

In South Korea, B.GRIMM is investing in two offshore wind projects—Nakwol 1 and 2—with a combined capacity of 740 MW, slated for operation in 2026 and 2027. In Japan, it launched the 20 MW Gifu solar project. In the Middle East, its portfolio includes over 40 MW of rooftop solar developments across the UAE, Saudi Arabia and Bahrain.

In Europe, B.GRIMM recently acquired Apulia Green Energy, a battery energy storage project, and is developing over 70 MW of solar power in Italy. In the U.S., it entered the market in 2024 by acquiring the 30 MW Malacha hydro project in Northern California from Brookfield Renewable. This supports California’s ambition for 100% clean electricity by 2045.

These initiatives reflect B.GRIMM’s commitment to sustainability and innovation. The company leverages AI and machine learning for solar and load forecasting and deploys digital tools to improve grid management. Its proprietary development platform accelerates project execution across diverse markets.

This global leadership in sustainability has earned B.GRIMM a spot in the S&P Global Sustainability Yearbook 2025 for the fourth consecutive year, ranking in the top 5% of global electric utility companies. It also received an “AAA” ESG rating from the Stock Exchange of Thailand in 2024.

The Journey Ahead

At the heart of B.GRIMM’s operations is its vision of “Empowering the World Compassionately,” a belief that business can thrive in harmony with nature and community. This philosophy underpins the company’s GreenLeap – Global and Green strategy which drives sustainable growth guided by four core values: positivity, partnership, professionalism and pioneering spirit.

As B.GRIMM scales its operations in energy and digital infrastructure, it faces challenges from regulatory shifts to grid constraints and evolving technologies. To address these, the company is investing in advanced digital platforms, building flexible energy systems and forming strategic partnerships.

With a disciplined approach to capital allocation, B.GRIMM focuses on high-value projects with strong return potential, while expanding its renewable footprint and supporting the global clean energy transition.

A Legacy in Healthcare and Pharmaceuticals

B.GRIMM’s origins lie in healthcare. In 1878, it established Siam Dispensary, a pharmacy that introduced Western medicine to Thailand at a time when modern treatment was scarce. The dispensary played a pioneering role in improving public health and earned early royal recognition for its contribution to society.

Building on this legacy, B.GRIMM formed a joint venture with Merck, the world’s oldest pharmaceutical company. Today, the company continues to grow in the healthcare space—developing, producing and distributing life-saving medicines.

Through B.GRIMM Pharma, it is a leading provider of branded generics in Thailand, with over 800 registered products and coverage across 90% of public and private hospitals. Operating in 18 markets, B.GRIMM Pharma is expanding internationally, supported by worldclass manufacturing, a strong R&D pipeline and a focus on first-to-market innovation.

Currently, B.GRIMM Pharma helps improve the lives of around 3 million people, with ambitions to reach over 10 million across Southeast Asia. Healthcare remains a core pillar of B.GRIMM’s identity—even as it expands into digital and energy sectors—underscoring its commitment to uplifting society through every venture it undertakes.

Doing Business With Compassion

Founded in 1878 and recognized as one of Thailand’s oldest established conglomerates, B.GRIMM is built not just on industrial achievement, but on a deep, enduring partnership with the Thai people. From the outset, its guiding philosophy of  “Doing Business with Compassion” has shaped its work across industries.

More than a business, B.GRIMM has contributed to Thailand’s technological, scientific, cultural and social advancement. Its projects are guided by a belief that business must serve the public good—enriching communities, protecting the environment, and creating lasting value.

One notable initiative is the Save the Tigers project, a conservation program that protects endangered big cats and restores critical forest ecosystems. In partnership with national parks and ranger teams, the initiative strengthens biodiversity, safeguards habitats and raises public awareness around wildlife protection.

“This isn’t just about saving a species,” says Harald Link. “It’s about preserving balance in nature and ensuring a healthy, sustainable future for all.”

As B.GRIMM continues its journey, its mission remains clear: to build prosperity that extends beyond profits—to people, communities and the planet.

SCG (Siam Cement Group), Thailand’s 112-year-old leading regional business conglomerate, driven by innovation and a strong commitment to ESG, is looking to the future with a strategy rooted in digital transformation, sustainability and inclusivity amid mounting global challenges and uncertainty.

SCG reported Ebitda of 30.3 billion baht (US$904 million) for the first half of 2025, up 21% from the second half of 2024, along with a net profit of 18.4 billion baht (US$550 million). This solid performance—delivered amid ongoing economic headwinds—was driven by an investment portfolio adjustment, the discontinuation of unprofitable businesses and management initiatives to enhance operational efficiency across all units. These results reflect the early impact of SCG’s transformation journey, which began in the second half of 2024, aimed at driving long-term competitiveness and agility.

“The economic environment remains challenging,” noted Thammasak Sethaudom, President and CEO of SCG. “We refocused on our core strengths and streamlined operations by stepping up efficiency and cost-saving initiatives, while introducing robotics and AI to enhance operational efficiency,” he says.

Diversified Portfolio Across Geographies

As the first cement company in Thailand, SCG has built a diversified portfolio and expanded its global footprint since its founding in 1913. Today, its operations are anchored by three core business pillars: Cement and Building Materials, Chemicals and Packaging. With over 400 subsidiaries, joint ventures, associates and other companies, SCG stands as one of the leading regional business conglomerates, driven by innovation and Environmental, Social and Governance (ESG) principles.

In 2023, SCG introduced its low-carbon cement innovation, marking a milestone as Thailand’s first low-carbon cement certified under TIS 2594-2567. It also received an Environmental Product Declaration (EPD) certification in North America.

“Low-carbon cement helps reduce energy costs and reinforces SCG’s market position, thereby enhancing its business competitiveness while driving the transition toward a low-carbon society by cutting carbon emissions. When supported by coordinated policies through regulations and market mechanisms—its broader adoption can accelerate decarbonization in construction and unlock socio-economic value, especially in developing countries,” says Thammasak.

SCG is expanding its low-carbon cement production base in southern Vietnam, serving the Vietnamese market and supporting exports to the U.S., Canada, Australia and Oceania.

It is also investing in the Long Son Petrochemicals (LSP) project in Vietnam, the country’s first integrated petrochemical complex. SCG resumed operations at the LSP plant in the third quarter of 2025. Meanwhile, a project to enhance LSP’s competitiveness using ethane feedstock is progressing as planned, with completion expected in 2027.

Strong Foothold in ASEAN

ASEAN remains a priority market for SCG, with operations across all core businesses and production facilities serving both domestic consumption and exports in Vietnam, Indonesia, the Philippines, Cambodia, Laos and Malaysia. The region, excluding Thailand, accounts for approximately 40% of SCG’s total assets and contributes around 27% of the group’s total sales in the first half of 2025.

“This kind of regional optimization is one of our core strengths—it reflects both our geographic diversity and our diversified business structure,” Thammasak says.

To capture rising demand in ASEAN’s healthcare sector, the group is leveraging European expertise—following investments in Spain and Italy—to localize production in the region. This supports efforts to reduce import dependency while expanding downstream packaging capabilities and consumer reach.

Global Expansion in Action

Beyond ASEAN, SCG is actively investing in Spain, Portugal, the Netherlands and the U.K.—markets it values for their advanced technology and strong value chains. The company aims to leverage the knowledge and innovations gained in Europe to enhance its operations across Asia, applying best practices and cutting-edge technologies to drive regional growth and efficiency.

SCG continues to expand across high-potential markets. In Africa, it has grown exports of cement clinker. In Asia, it has introduced 3D printing mortar in Japan, Saudi Arabia and Malaysia, and recently invested in a joint venture to build India’s first autoclaved aerated concrete (AAC) wall panel plant, with a projected annual capacity of 300,000 cubic meters, to support the country’s fast-growing construction market. In Oceania, roofing and ceiling products were launched in Australia and New Zealand, tailored to each market’s specific needs. In the Americas, SCG has promoted low-carbon cement. In Europe, it has expanded glazed porcelain tile offerings, optimized foodservice packaging for cost competitiveness and advanced green polymer or the recycling business.

Technology as an Enabler

A strong advocate of technology and AI, Thammasak emphasizes the importance of upskilling to stay relevant in a rapidly evolving workforce. “We’re an aging society, and labor will become a major issue over the next five to 10 years,” he notes.

To address this, SCG is actively implementing AI across its operations and encourages employees at all levels to embrace it. The company fosters a culture of continuous learning, promoting group and peer-to-peer learning. Thammasak believes that success is more likely when both younger and older employees learn from one another in a collaborative learning environment.

Last year, SCG expanded its use of robotics across multiple business units, resulting in significant cost savings—not only by reducing manpower costs but also through lower material costs and waste reduction. This move has strengthened the company’s position among leading global players, and SCG plans to increase the use of robotics and automation across its operations.

The company is also integrating AI into customer service. For instance, customers searching for products can now interact with an AI-powered chatbot, enhancing user experience and operational efficiency.

Guided by ESG Principles

As SCG continues to pursue business growth, it remains deeply committed to its net zero targets. By integrating ESG principles into its operations, the company is focused on creating a positive impact on the communities it serves.

“We’re aware of the role we play in climate change—particularly the emissions from our operations, which are a major contributor to greenhouse gases. That’s why we invest in R&D to develop solutions such as low-carbon cement, green polymers, recyclable packaging and other sustainable innovations that help reduce environmental impact across industries,” says Thammasak.

SCG’s increased use of clean energy not only improves internal cost efficiency but also supports customer sustainability goals. To further this effort, the company continues to invest in energy storage systems and smart grid technologies to enhance reliability and maximize renewable energy use. Clean energy is now being developed as a new business unit—initially for internal needs and now expanding into an integrated solutions platform for external clients and new revenue growth.

The company is a key player in the “Saraburi Sandbox,” Thailand’s first low-carbon model city, created to pilot and scale green technologies, sustainable practices and climate innovations. Saraburi, which accounts for 80% of Thailand’s cement production—and is one of the country’s highest carbon-emitting provinces—was a natural choice for the initiative.

Through this public-private-people partnership, the province has introduced several impactful innovations, including the low-carbon cement now used in 80% to 90% of local construction, floating solar farms and the conservation of over 6,000 acres of forest.

Additionally, SCG’s involvement in the “Go Together” initiative and “Net Zero Accelerator Program” (NZAP) helps guide SMEs and value chainpartners to transition to a low-carbon economy through hands-on learning and mentorship.

As SCG looks to the future, it is strategically positioned to stay competitive by harnessing the economic potential of ASEAN, embracing innovation through AI and robotics and investing in the continuous development of its people.

This strategy also involves maintaining strong financial health by prioritizing high-return, fast-payback strategic investments, reducing debt, increasing Ebitda and ensuring long-term value for shareholders and other key stakeholders.

As Bangkok’s luxury property market evolves, SC Asset introduces SONLE Residences, an ultra-private collection of homes guided by intent over excess—a clear statement of purpose in uncertain times.

Thailand’s residential market is shifting, with many buyers taking a cautious “wait and see” approach. SC Asset’s CEO Nuttaphong Kunakornwong attributes this to a rare convergence of challenges. He says, “Real estate developers are facing three major hurdles at once—an economic slowdown, high household debt and an oversupply in the market. When these factors combine, it’s natural for investors to hold back and wait, which slows down sales and investment.”

Despite these challenges, the luxury and ultra-luxury market remains resilient. High net worth (HNW) individuals take a long-term view, focusing on assets that offer permanence and meaningful lifestyle value beyond transactions. Amid these headwinds, SC Asset’s vision offers a clear path forward.

Building Resilience Through Purpose

In this environment, SC Asset stands out for its clear, balanced approach. The company has developed a multi-engine business model designed to deliver resilience, relevance and sustainable growth. This strategy comprises three core engines: premium residential real estate, income-generating assets such as hotels and logistics, and investments in future- focused ventures like wellness and lifestyle innovation.

Nuttaphong highlights three pillars guiding the company’s resilience: brand, buffer and balance. He notes that building strong brand trust is especially important during uncertain times as buyers grow more discerning about whom they trust. Maintaining a solid financial buffer through low debt and ample liquidity equips the company to handle unforeseen challenges. Finally, a balanced portfolio across sectors helps SC Asset adapt effectively to shifting market conditions.

“We ensure diverse sources of funding to maintain resilience amid uncertainties,” Nuttaphong says. “Equally important is building unwavering confidence among our stakeholders, including clients, employees and partners, that we will consistently deliver on quality and our commitments.”

This philosophy extends to how SC Asset connects with its customers. “We remain close to our clients, truly understanding their pain points, preferences and what enhances their lives,” he adds. “Our focus goes beyond walls, windows or flooring; it’s about creating solutions that meaningfully improve their quality of life.”

Understanding Luxury From Within

SC Asset focuses on the 20-million-bahtplus (over US$600,000) single-detached home segment, backed by more than 20 years of experience. The company’s deep understanding of the motivations and expectations of HNW buyers informs every aspect of its work.

Rather than asking buyers about ideal homes, SC Asset explores their daily challenges and what enhances their lifestyles. “We ask clients about their challenges, what they enjoy and what would make their lives more livable,” Nuttaphong says. This empathetic approach shapes every detail, from design to functionality.

At the company’s core is the tagline “For Good Mornings”—a simple idea that a well-designed home helps residents wake rested, revitalized and ready for the day. It’s a philosophy that now finds its most complete expression in SC Asset’s latest and most refined project: SONLE Residences.

The Discrete Arrival of SONLE Residences

SONLE Residences is SC Asset’s most exclusive project to date. Situated on a rare freehold plot in Bangkok’s Ratchadaphisek area, it comprises five ultra-luxury homes, each offering between 1,400 and 1,600 square meters of thoughtfully designed space.

Built under the “Sophisticated Modern Tropical” concept, each residence combines refined architecture with natural elements suited to Bangkok’s climate. With private elevators, 15-meter swimming pools and layouts that seamlessly transition from public to private areas across three floors, SONLE Residences balances openness and privacy impeccably.

The location offers easy access to Bangkok’s major business and lifestyle districts, while preserving the quiet sanctuary that discerning homeowners seek.

Timing and Confidence in an Uncertain Market

While many take a cautious “wait and see” stance, SC Asset sees attractive opportunities for informed buyers. “Last year was probably the best time to buy property in Thailand because prices were especially attractive,” Nuttaphong says. “Prices are still favorable this year, and buyers continue to have strong negotiating power.”

He expects the supply-demand imbalance to last six to 12 months but remains optimistic long-term. “I expect demand and supply will stabilize and return to normal levels in two or three years,” he adds.

A Lasting Vision

SONLE Residences is not simply a response to market cycles; it is a manifestation of SC Asset’s long-term vision. These homes are designed with intentionality, sustainability and craftsmanship, and are meant to serve as lasting legacies for their owners.

For those looking beyond luxury, SONLE Residences offers a unique blend of privacy, meaningful design and timeless style—qualities that endure regardless of market shifts. Nuttaphong says, “SONLE Residences is something truly special. It’s located in a prime spot with generous space, and opportunities to own a property of this size and quality in such a location are very rare. With only five homes available, it’s a once-in-a-lifetime chance for discerning buyers.”

In a market often marked by uncertainty, SONLE Residences embodies prudent assurance, offering clarity, permanence and a home that reflects thoughtful living beyond wealth. For SC Asset and its discerning clients alike, this is more than an investment; it’s where life’s best mornings begin.

www.scasset.com/en/