CITICORE Renewable Energy Corp. (CREC) is advancing its five-gigawatt (GW) renewable energy portfolio with P1.22 billion from its initial public offering (IPO) proceeds, as approved by its board of directors, the company announced on Wednesday.
“The rationale for the early release of IPO proceeds is for CREC to ramp up its pipeline development for solar energy plants,” the company told the stock exchange.
The target release is subject to necessary approvals and documentation requirements, it said.
In June, CREC listed on the Philippine Stock Exchange, raising P5.3 billion, which included a $12.5-million investment from the UK government’s MOBILIST program.
“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us close to our five-GW-in-five-years goal,” CREC President and Chief Executive Officer Oliver Y. Tan previously said.
The company is constructing eight power projects worth approximately one GW, underway to achieve its goal of five gigawatts of capacity by 2028.
CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.
Currently, it has a combined gross installed capacity of 285 megawatts from its 10 solar power facilities in the Philippines. — Sheldeen Joy Talavera
