Citicore Renewable Energy Corp., a pure-play renewable energy producer ranked as second largest solar energy generator, has filed its P12.94 billion initial public offer at the Philippine Stock Exchange.
The company looks to sell 3.34 billion shares under an initial 2.9 billion offering with provision for over-allotment of 435 million at an offer price of up to P3.88 per share.
Even without the over-allotment portion, CREC can raise as much as P11.25 billion.
“Net proceeds from the offer are intended to be utilized for CREC’s and its subsidiaries’ capital expenditures and pipeline development,” it said.
The timing of the offer, the final offer price, final number of offer shares and allocation of the proceeds will depend on market conditions, the circumstances surrounding the offer subject to favorably securing the regulatory approvals, the company said.
CREC looks to develop 1,000 megawatts of additional capacity annually in the next five years.
As sponsor company of real estate investment trust, Citicore Energy REIT Corp., it has over 5 gigawatts of project pipelines in varying stages of development.
CREC operates 10 solar power plants and one micro-grid solar rooftop system with aggregate capacity of 284 megawatts-dc across the country including 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.
It has also ventured into the development of run-of-river hydro in Ilagan, Isabela and has secured wind energy service contracts in at least seven off-shore wind projects.
“In 2021, we completed the construction of solar rooftops, which delivered 6.5MW in solar energy capacity, and commissioned an additional 115.7MW solar energy capacity 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 September 30, 2023,” the company said.
The company is the vehicle used by Citicore Power Inc. to pursue renewable energy investments in greenfield and brownfield projects, and manage the operation of power generation projects in solar, hydro and wind technologies.
CPI is a direct subsidiary of Citicore Holdings Investment Inc., the parent company of Megawide Construction Corp.
