Clover aims to list 320m shares in IPO

Clover aims to list 320m shares in IPO

A biomass power plant operated by Clover Power in the northern province of Phitsanulok. 
A biomass power plant operated by Clover Power in the northern province of Phitsanulok. 

Clover Power Plc (CV), a renewable energy power plant developer and operator, plans to issue 320 million shares -- 25% of total common shares -- under its initial public offering (IPO).

The company is awaiting approval from the Securities and Exchange Commission.

The IPO should allow the company to finance expansion, pay debts and increase capital.

Clover Power has a goal to use the money raised to increase electricity generation capacity sevenfold to 180 megawatts (MW) within three years, up from 26.2MW.

The amount of cash was not unveiled.

The company appointed Trinity Securities as a financial adviser to manage IPO shares and the listing of Clover Power on the Stock Exchange of Thailand.

Saithsiri Saksitthisereekul, Clover's chief executive, said the company plans to expand capacity to 85MW this year and to 180MW by 2023.

Clover Power has three core businesses: renewable power plant development, energy-related businesses -- including maintenance services -- as well as engineering, procurement and construction services.

Mr Saithsiri added the company operates four power plants. Three are biomass power plants and the other is a waste-fired power plant, with a combined capacity of 26.2MW.

Clover has three other projects. They are two refuse-derived fuel processing plants, whose capacities are 120 and 200 tonnes per day, respectively, and a waste-to-energy power plant project overseas, with a capacity of 6MW.

The company also plans to acquire a natural gas-based cogeneration power plant, with an installed capacity of 7.36MW.

In the construction segment, Clover Power provides turnkey services for its subsidiaries and 14 customer projects, with contract values between 50 million baht and 2 billion baht, he said.

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