Citicore to fund solar, storage growth with Philippine IPO

Philippine-based Citicore Renewable Energy Corporation (CREC) has secured bourse approval regarding a planned initial public offering (IPO) aimed at raising cash to bankroll its gigawatt-scale pipeline.

The Philippine Stock Exchange has greenlit the company’s application to list up to 10.04 billion common shares in the proposed transaction, the unit of Citicore Power Inc said on Wednesday. The notice of approval also clears the timeline of the upcoming IPO, with pricing scheduled for March 6 and an offer period from March 11 to March 15.

CREC plans to offer up to 2.9 billion primary common shares and to provide an over-allotment option for an additional 435 million shares. The stock will be sold at PHP 3.88 apiece (USD 0.069/EUR 0.064).

The raised proceeds will go to partially fund the renewable energy company’s capital expenses and will cover general corporate needs. A portion of the fresh capital will support the development of solar and battery energy storage projects supporting CREC’s goal of adding 1 GW of ready-to-build or under-construction solar capacity to its portfolio each year through 2027.

CREC was awarded pre-effective approval for the IPO by the Securities and Exchange Commission (SEC) in January. It expects trading of its stock to commence on March 22.

(PHP 10 = USD 0.178/EUR 0.165)

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