‘CV’ shows full strength in First Trading Day on SET Reinforcing strong business fundamentals in renewable energy With plans to expand ASEAN-standard renewable energy power plants In response

“Clover Power Public Company Limited (CV)” shows its inherent strength in the first day of trading to reinforce the Company’s strong business fundamentals in comprehensive renewable energy, and the readiness to advance on its experience to expand the business and to increase the efficiency of the power plants. The Company is moving forward to further invest in renewable energy power plants in Thailand and abroad, and to proactively build a business that is comparable to energy companies at the ASEAN regional level to leverage the targeted power generation capacity of 180 megawatts by 2023 to support the changing world's energy demographics.

Mr. Saithsiri Saksitthisereekul, Chief Executive Officer, Clover Power Public Company Limited (CV), producer and distributor of electricity produced from renewable energy and integrated engineering service provider through modern innovative technology with the vision to become a leading energy company that provides value from renewable energy to the world society for the ultimate sustainability, revealed that the Company is trading the Company’s shares for the first day in the Stock Exchange of Thailand (SET) under the “Resources/Energy & Utilities” category under the trading floor abbreviation “CV”. The Company is ready to move forward to become a leading energy company comparable to the best energy producers at the ASEAN regional level that is ready to provide value from renewable energy for the balanced existence of human and society and for future sustainability. Therefore, it is with confidence that this inherent capability will help to drum up considerable investors’ support in CV.

The Company is fully set to expand investment in renewable energy and other businesses related to renewable energy to support the energy infrastructure in Thailand and other countries that are expanding in the field of renewable energy so as to benefit the environment and to further develop the quality of life of people in the communities. This is done through the investment in renewable energy power plants in tandem with the integrated Valued EPC engineering in the field of technology that produces energy from biofuels, such as biomass, waste and biogas, as well as clean energy such as solar, wind power and natural gas. The goal, by the end of this year, is to increase the total commercially-operated power generation capacity and power plants under development to a total of 85 megawatts, and increasing to 180 megawatts in 2023, in order to build on the business expansion experience and increase efficiency of the power plants to facilitate future growth.

The Company plans to expand its businesses in the years 2021 to 2023 for both domestic and international investments. Initially, there is a plan to invest in the expansion of one RDF (refuse-driven fuel) waste sorting and separation plant, and three power generation plants with the total installed capacity of 47.16 megawatts, as follows:

(1) One project under construction, namely the RDF waste sorting and separation plant operated by CVR Phichit Company Limited with the production capacity of about 150 tons per day. The investment value according to the shareholding proportion does not exceed 210 million baht. The construction is expected to be completed in the fourth quarter of this year.

(2) One project in the process of acquisition is a combined-cycle power plant that uses natural gas as the main fuel with the installed capacity of 7.36 megawatts, and the investment value according to the shareholding proportion of approximately 170 million baht, with the expected purchase of existing ordinary shares from the sellers to be made within this September.

And: (3) The company is in the process of developing two biomass power plant projects in Japan with a total installed capacity of 39.8 megawatts. Investment value according to the shareholding proportion of each project is about 430 million baht, or approximately 860 million baht for the two projects. Currently, these projects are in the process of acquiring relevant licenses. They are expected to be completed with revenue recognition by the 3rd quarter of 2023.

The Chief Executive Officer of CV said part of the fund realized from the Company’s fundraising will be used to repay loans from financial institutions and repay loans to Directors of the Group Companies with a total of about 330 million baht, with the D/E ratio after IPO reducing to below 0.6 times from 2.3 times in 2020. The funding will improve financial costs, which is beneficial for the power plant business, as well as helping to strengthen the financial position to create good returns for investors. The remaining fund will be retained as working capital for business operations and to support future business expansions.

As for the future performance trend, the plan is to target continued growth from new investment plans in projects both at home and abroad, with the construction to be gradually completed and commercial operation (COD) commenced in the next 1-3 years.

Mr. Ditdanai Sangkharom, Executive Director of Investment Banking, Trinity Securities Company Limited, as the financial advisor, said that CV is a company that has many strengths in the business of renewable energy and businesses related to renewable energy. In the past, CV has concentrated in expanding investment and leveraging growth through fully integrated renewable energy businesses through three core businesses, namely, Power Producer, Valued EPC, and Renewable Energy & Supporting Businesses that require expertise in the design process and construction of power plants to create a competitive advantage in cost control to achieve the targeted return on investment.