Citicore Renewable Energy Corp. (CREC) is prepared to spend at least P35 billion this year to push further the development of previously identifed renewable energy (RE) projects.
Oliver Tan, CREC president, told reporters the bulk relate to the cost of construction.
According to Tan, the undertaking will be financed by internally generated funds and from proceeds from its initial public offering (IPO) this year.
“We’re looking at 10 sites under construction. Four in Batangas, one in Pampanga, two in Quezon, two in Pangasinan and one in Negros,” Tan said.
The projects should complete before the end of the year, he added.
Earlier, CREC secured Securities and Exchange Commission approval to raise as much as P12.94 billion from the sale of primary and secondary shares in an initial public offering.
Tan also said before that the IPO is part of moves to achieve the company’s aim of building a pipeline of projects worth 5,000 megawatts (MW) within five years.
CREC also expressed optimism before that the government’s decision to allow full foreign ownership of RE projects in the country will complement local players’ strengths for potential partnerships especially in terms of capital requirements.
Among CREC’s largest existing power projects include solar farms worth 60 MW in Toledo, Cebu; 25 MW in Silay, Negros Occidental; 22 MW in Clark, Pampanga; 18 MW in Mariveles, Bataan; and 15 MW in San Ildefonso, Bulacan, among others.
