Thailand’s Clover Power eyes IPO to fuel expansion

Construction News
A biomass power plant operated by Clover Power in Phitsanulok province.

Thailand’s Clover Power eyes IPO to fuel expansion

Clover Power Plc (CV), a renewable power plant developer and operator, aims to increase its electricity generation capacity sevenfold to 180 megawatts by 2023 as it plans to expand business through an initial public offering (IPO).

The company will issue 320 million shares in an IPO to finance business expansion, pay debts and increase working capital.

Saithsiri Saksitthisereekul, chief executive of CV, said the company will first increase the capacity to 85MW this year, up from 26.2MW at present.

Trinity Securities, the company’s financial adviser, already submitted documents for an IPO to the Securities and Exchange Commission in April.

CV is expected to be listed on the Stock Exchange of Thailand by this year.

CV chairman, Prasert Bunsumpun, said he sees business opportunities in the global power market for the firm as renewable energy will play a more important role in helping curb global warming.

“Many developed countries are shifting toward battery-run vehicle production and use of renewable energy resources for electric vehicle charging,” he said.

CV has three core businesses; renewable power plant development, energy-related businesses — including maintenance services — as well as engineering, procurement and construction services.

Mr Saithsiri said the company is running four power plants, including three biomass power plants and a waste-fired power plant, with a total capacity of 26.2MW.

It is also carrying out three energy-related projects.

They are two refuse-derived fuel processing plants, with capacities of 120 and 200 tonnes per day respectively. The facilities are currently under construction.

The other is the construction of an overseas waste-to-energy power plant with a capacity of 6MW.

CV is also planning to acquire a natural gas-based cogeneration power plant, with an installed capacity of 7.36MW.

In the construction segment, CV provides turnkey services for its subsidiaries and customers’ 14 projects, with contract value between 50 million baht and 2 billion baht, Mr Saithsiri said.