CV preps 320m IPO shares
Clover Power Plc (CV), a one-stop renewable energy power plant developer, plans to issue 320 million shares in an initial public offering (IPO) to finance its business expansions, pay debts and increase working capital.
The company appointed Trinity Securities as its financial advisor for the distribution of IPO shares and the listing on the Stock Exchange of Thailand which is expected within this year.
According to CV, Trinity Securities has already filed documents for the IPO with the Securities and Exchange Commission on April 19.
CV has three core businesses including renewable energy and electricity distribution, engineering, procurement and construction (EPC) services, and other energy-related businesses including operation and maintenance services for its subsidiaries and other power plants.
Saithsiri Saksitthisereekul, chief executive at CV, said the company is operating four commercial power plant projects, including three biomass projects and one waste power plant project with a total capacity of 26.2 megawatts.
Profits from 16.69MW generated are currently allocated to CV in accordance with its share stake in the projects.
The company also currently has two refuse-derived fuel projects under construction -- one natural gas-based cogeneration power plant with an installed capacity of 7.36MW and one waste-to-energy power plant project abroad with an installed capacity of 6MW.
The projects have a production capacity of roughly 120 and 200 tonnes per day, respectively.
For EPC turnkey business, CV is providing services for its subsidiaries and over 14 small-to-large projects of general customers with contracts valued from 50 million baht to 2 billion baht.
Over the next three years (2021-23), CV will continue to focus on investments in solar and wind power plants and the EPC turnkey business. The investments are expected to help provide fuel security in the power plant business which will improve the environment and quality of life in the community and help the company create sustainable growth opportunities in the future, said Mr Saithsiri.