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(Bloomberg) — Thai energy producer B.Grimm Power PCL is seeking as much as $600 million in private debt to build an offshore wind farm in South Korea, according to people familiar with the matter. 

The power firm would pledge its shares in the wind-farm project company as collateral to secure the three-year loan, according to the people. The facility may include offshore yuan and US dollar tranches, and discussions on the financing are still ongoing, one of the people added.  

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One of the wind farms that is slated to get some of the private funding will be built over three years by a Chinese state-owned construction firm at an estimated cost of $1.44 billion, according to one of the people. 

B.Grimm Power did not immediately comment on the financing plan when reached by Bloomberg.

The energy company, the listed unit of the oldest conglomerate in Thailand, has invested in wind farms over the past several years as part of its strategy to ramp up electricity production from clean and renewable energy sources, according to the company’s website. 

The company invested in four South Korean wind-farm projects in 2022 and acquired an 80% stake in a Vietnamese wind farm in 2021. It acquired shares of another two South Korean wind-farm operators in March. 

Offshore wind farms in Asia have seen heightened interest in the past several years. Danish company Cadeler A/S said in December that it is targeting an expansion into the Asian market. Mitsui & Co. and Northland Power Inc. last year said they planned to invest in a 960 billion yen ($6.1 billion) offshore wind project off Taiwan’s east coast. 

—With assistance from Anuchit Nguyen.

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