Confidence Power and Energy PLC, a subsidiary of Confidence Group, is aiming to secure Tk 400 crore through a public offering. The funds will be allocated towards the development of two significant grid-connected solar power ventures and to partially settle existing debts.
The IPO event took place at the Radisson Blu Water Garden Hotel in Dhaka on October 18. The gathering brought together institutional investors, capital market stakeholders, and industry representatives to delve into the company’s financial performance, operational presence, and future expansion plans.
The company has already inked 20-year power supply agreements with the Bangladesh Power Development Board (BPDB) for its proposed 100-megawatt (AC) solar projects, starting from their respective commercial operation commencements.
Currently, Confidence Power operates four traditional power plants, with three situated in Bogura and Rangpur in northern Bangladesh, and one in Chattogram. The transition towards renewable energy forms part of the firm’s overarching strategy to diversify its energy generation mix, foster cleaner power generation, and diminish dependence on fossil fuels.
Out of the total IPO proceeds, Tk 230 crore will be channeled into the Cox’s Bazar (North) Solar Project, while Tk 102 crore will be earmarked for the Mongla Solar Project in Bagerhat. Additionally, Tk 60 crore will be utilized to settle outstanding loans, with the remaining amount designated for IPO-related expenses.
During the IPO roadshow, Confidence Power’s Chairman Imran Karim, Director Rezaul Karim, and Managing Director Khalid Islam presented the company’s future outlook and growth opportunities.
