Confidence Power and Energy PLC has held a roadshow for its proposed Tk400 crore initial public offering (IPO) under the book-building method to finance two 100MW solar power projects in Chattogram and Bagerhat.
The roadshow, held at Radisson Blu Dhaka Water Garden on 18 October, presented the company’s financial performance, proposed use of IPO proceeds and future expansion plans to eligible investors and capital market stakeholders.
Under the proposed fund utilization plan, Tk230 crore will be invested in a 100MW grid-connected solar project in North Cox’s Bazar, Chattogram, while Tk102 crore will go towards another 100MW project in Mongla, Bagerhat, through Confidence and Doreen Power Limited, in which Confidence Power and Energy holds a 60% stake.
The company plans to use Tk60 crore to partially repay existing loans and Tk8 crore to cover IPO-related expenses.
Both solar projects have 20-year power supply agreements with the Bangladesh Power Development Board (BPDB), starting from their respective commercial operation dates.
