Confidence Power announces 400MW solar investment plans, seeks Tk400cr through IPO

From the report

Confidence Power and Energy PLC plans to invest Tk4,159 crore in 400 megawatts of solar power projects by 2028, as the company seeks to raise Tk400 crore through an initial public offering (IPO) to diversify beyond heavy fuel oil-based generation and build a larger, long-term energy business.

“Essentially, the decision to invest Tk2,150 crore anew was made to meet the country’s future power needs and diversify our existing portfolio basket,” Imran Karim, chairman of Confidence Group, said while presenting the company’s investment plans at an IPO roadshow at a city hotel on Sunday evening.

The company plans to commission three solar plants in July 2028, adding 400MW to its existing 393.36MW power generation capacity. It aims to expand total operating capacity to 2,160MW by 2035 through further investments in solar, gas-fired generation, battery storage and fuel infrastructure. The proposed IPO will partly finance two 100MW solar projects in Cox’s Bazar North and Mongla, Bagerhat, while a separate 200MW project in Fatikchhari, Chattogram, will be developed without IPO funding.