Megawide Construction Corp. has signed an agreement to settle its receivables from Citicore Power Inc. (CPI) through a share transfer deal involving Citicore Renewable Energy Corporation (CREC).
As of June 30, Megawide has outstanding advances to CREC that totaled P4.73 billion, inclusive
of principal and accrued interest.
CREC is majority-owned by Citicore Holdings Investment Inc. (CHII) and is part of the broader Citicore group.
Under the agreement, the full settlement will be made through the transfer of CPI’s shares in CREC to Megawide. The transaction remains subject to regulatory and corporate approvals, as well as the execution of definitive agreements.
Megawide said that the arrangement aligns with its long-term strategy to streamline financial exposures while gaining potential upside in the renewable energy sector through an equity position in CREC.
The move reflects an ongoing trend among infrastructure and engineering firms to diversify portfolios and strengthen ties with the growing clean energy space.
CREC is one of the country’s key players in renewable energy, with a pipeline of solar and other clean energy projects under development.
Further details will be disclosed upon finalization of the definitive agreements and regulatory clearances.
