Confidence Power and Energy PLC, a concern of Confidence Group, plans to raise Tk 400 crore through a public offering to fund two major grid-tied solar power projects and partially settle existing debts.
It has already held its IPO (initial public offering) roadshow at the Radisson Blu Water Garden Hotel in Dhaka on October 18, which brought together institutional investors, capital market stakeholders and industry representatives to discuss the company’s financial performance, operational footprint and future growth strategy.
For both proposed 100-megawatt (AC) solar projects, the company has already secured 20-year power supply agreements with the Bangladesh Power Development Board (BPDB), starting from their respective commercial operation dates.
Currently, it operates four conventional power plants — three located in Bogura and Rangpur in northern Bangladesh, and one in Chattogram.
The pivot towards renewable energy is part of the company’s broader strategy to diversify its energy generation mix, promote cleaner power production and reduce reliance on fossil fuels.
With the IPO proceeds, it will utilise Tk 230 crore for its Cox’s Bazar (North) Solar Project and Tk 102 crore for the Mongla Solar Project in Bagerhat.
It will also repay loans of Tk 60 crore using the IPO proceeds, while the rest will be used for IPO expenses.
Confidence Power Chairman Imran Karim, Director Rezaul Karim and Managing Director Khalid Islam outlined the company’s future prospects at the IPO roadshow.