Securities regulators have green lighted Citicore Renewable Energy Corp.’s bid to raise more or less P12 billion in an initial public offering (IPO) set in March this year.
The Securities and Exchange Commission (SEC) approval covers an aggregate 10.04 billion common shares that already accounts for over allotment when the shares sale for as much as P3.88 apiece.
The IPO is set to run from 4 to March this year quickly followed by its listing on the main board of the Philippine Stock Exchange by 15 March.
Citicore looks to generate more than P10 billion from the public share sale, enough proceeds to cover capital expenditures and pipeline solar projects this year.
UBS AG had been tapped as sole global coordinator and joint book runner with BDO Capital and Investment Corp. as domestic lead manager and joint book runner.
The company endeavors to develop 1,000 megawatts of additional capacity each earr and for the next five years and has over 5 gigawatts of pipeline projects in varying stages of development.
Citicore operates 10 solar power plants and a micro-grid solar rooftop system with total aggregate capacity of 284 MW across the country.
The solar facilities include Citicore Solar Bulacan Inc., CS Bataan Inc., CS Tarlac 1 Inc., CS Tarlac 2 Inc., Clark Solar Farm Inc., CS South Cotabato Inc., CS Ceb Inc., CS Negros Occidental Inc., Arayat-Mexico Solar Farm (in joint venture with ACEN Corp.) and solar rooftop systems in Bataan.
The company has also ventured into a run-of-river hydro plant in Ilaguen, Isabela and secured wind energy service contracts in at least seven off-shore wind projects.
“In 2021, we completed the construction of solar rooftops that delivered 6.5MW and commissioned an additional 115.7MW in 2022. From 2021 until September 30, 2023, we almost doubled our total installed capacity having developed, operated and maintained ten operating solar assets with a combined gross installed capacity of 285.1MW1 as of 30 September 2023,” the company said.
Citicore Power Inc., a subsidiary of Citicore Holdings, pursues renewable energy investments both greenfield and brownfield.
