The Philippine Stock Exchange Inc. on Thursday approved the P13 billion initial public offering of Citicore Renewable Energy Corp. (CREC), a pure-play renewable energy producer in the Philippines.
CREC said it will have determined the price per share on 6 March, start selling them from 11 to 15 and list them finally at the PSE on the 22nd.
The IPO consists of an offer of up to 2.9 billion primary common shares and an over-allotment option of up to 435 million secondary common shares at an offer price of up to P3.88 per share. IPO proceeds including the over allotment option should total P12.93 billion for deployment as capital expenditures.
“I welcome the CREC decision to tap the equities market since renewable energy projects are very much needed these days given that we are racing against time to address climate issues,” PSE president and CEO Ramon S. Monzon said.
CREC has set aside 10 percent of the shares for local small investors who may do so via the PSE EASy website or mobile application.
The company has a pipeline of renewable energy projects adding approximately 1 gigawatt of ready-to-build/under construction solar energy capacity each year through 2027.
CREC also looks to develop 1,000 megawatts of additional capacity each year for the next five years. It has over 5 gigawatts of projects in varying stages of development.
It operates 10 solar power plants and a solar rooftop micro-grid system with aggregate capacity of 284 MW.
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 (a joint venture with ACEN Corp) and solar rooftop systems in Bataan.
