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(Bloomberg) — B.Grimm Group is considering selling a minority stake in its gas-fired power portfolio in Thailand that could be valued at about $2 billion in a deal, according to people familiar with the matter.

The oldest conglomerate in Thailand is working with an adviser to identify potential investors for the assets, said the people, who asked not to be identified as the information is private. A transaction could fetch $500 million to $1 billion, depending on the share of the assets being sold, one of the people said.

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B.Grimm and its adviser have reached out to other power companies in the region as well as private equity firms and infrastructure funds to gauge their interest, the people said. A formal process could start as soon as in the coming weeks, they added.

Considerations are at an early stage and B.Grimm could still decide against any deal, according to the people. A representative for B.Grimm didn’t respond to requests for comment.

Founded in 1878 as Siam Dispensary, the group was acquired about a century ago by Adolf Link, whose grandson Harald and family control the business today. The conglomerate’s businesses include building materials, health care and property development. It has teamed up over the years with Florida-based Carrier Global Corp. on joint ventures for its heating, air-conditioning and refrigeration products.

The Link family own more than 60% of the shares in B.Grimm Power Pcl, the conglomerate’s only listed company. The Bangkok-traded firm’s shares have fallen about 22% this year, giving it a market value of about $2.2 billion. 

B.Grimm Power started growing its renewable energy business in 2015. Conventional energy accounted for 75% of its portfolio as of the end of 2022, while the rest was renewable energy consisted of sources including solar, wind and hydro, its annual report shows. The company targets to get renewable energy onto an equal footing with conventional energy by 2030.

—With assistance from Anuchit Nguyen.

(Updates with shares in sixth paragraph. A previously published version of this story was corrected in the fifth paragraph to show Harald Link is Adolf Link’s grandson.)