Citicore Renewable Energy Corp. (CREC) has announced the advance release of P1.22 billion raised from its recent initial public offering (IPO).
The decision, approved by the company’s board of directors, aims to accelerate the development of solar energy projects as part of CREC’s goal to roll out 1,000 megawatts of capacity each year over the next five years.
In a disclosure to the Philippine Stock Exchange, CREC indicated that the early access to IPO funds is intended to support its pipeline of solar energy development programs. The company emphasized the actual release of funds depends on obtaining the necessary approvals and completing documentation requirements.
CREC’s ongoing projects include significant solar power initiatives in Batangas, Pampanga, and Negros Occidental, which are crucial to meeting its ambitious capacity targets. The first and second phases of the solar project in Negros Occidental are expected to start commercial operations in September 2024 and 2025, respectively. Similarly, the Batangas and Pampanga projects are slated for operational start dates in December 2024 and 2025.
Currently, CREC operates several established solar farms, including a 60 MW facility in Toledo, Cebu, a 22 MW plant in Clark, Pampanga, an 18 MW project in Mariveles, Bataan, and a 15 MW site in San Ildefonso, Bulacan. With the advance funding, the company aims to enhance its renewable energy capacity significantly, aligning with the Philippines’ growing focus on sustainable energy solutions.
