CV prepares 320 million IPO shares

Saithsiri Saksitthisereekul, CEO of Clover Power Plc.

Clover Power Plc (CV), a developer of one-stop renewable energy power plants, plans to issue 320 million shares in an Initial Public Offering (IPO) to fund business expansion, pay its debts and increase its working capital.

The company has appointed Trinity Securities as financial advisor for the distribution of the IPO shares and the listing on the Stock Exchange of Thailand which is expected 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 main businesses, including renewable energy and power distribution, engineering, procurement and construction (EPC) services and other energy related businesses including operations services and maintenance for its subsidiaries and other power plants.

Saithsiri Saksitthisereekul, chief executive of CV, said the company operates four commercial power plant projects, including three biomass projects and a waste treatment plant project with a total capacity of 26.2 megawatts.

The profits of 16.69 MW generated are currently allocated to CV based on its participation in the projects.

The company also currently has two waste-derived fuel projects under construction – a natural gas cogeneration plant with an installed capacity of 7.36 MW and an overseas waste-to-energy plant project with a capacity of 7.36 MW. installed 6 MW.

The projects have a production capacity of around 120 and 200 tonnes per day, respectively.

For EPC’s turnkey business, CV provides services to its subsidiaries and more than 14 small and large general customer projects with contracts valued from 50 million Baht to 2 billion Baht.

Over the next three years (2021-2023), CV will continue to focus on investments in solar and wind power plants and the EPC turnkey business. The investments are expected to help ensure fuel safety in the power plant sector, which will improve the environment and quality of life in the community and help the company create opportunities for sustainable growth in the future, said Mr. Saithsiri.

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