Philippines-based Citicore Renewable aims for $231.9 million IPO to expand solar power | AsiaTechDaily
Please log in to bookmark
Don't have an account yet? to register
Philippines-based Citicore Renewable Energy Corp, a major player in the country's solar energy sector, has officially filed for an initial public offering (IPO) to raise up to 12.94 billion pesos ($231.9 million).
The IPO involves the sale of approximately 3.335 billion shares, including an over-allotment option, at a price of up to 3.88 pesos (US$0.07) per share. Funds generated through the IPO will be used to finance new solar power plants, in line with the Philippines' broader efforts to transition to cleaner and more sustainable energy sources.
Citicore Renewable Energy Corp. (CREC) is considered a leading solar power producer in the Philippines and plans to conduct its IPO in the first quarter of 2024. The company's filing with the Securities and Exchange Commission (SEC) outlines its plan to offer $2.9 billion of common stock. As part of the IPO strategy, Citicore Power, led by Saavedra, will offer an additional 435 million shares for post-IPO price stabilization activities.
Citicore Renewable Energy Corp., founded in 2015. has quickly become an important player in the field of renewable energies and was operating ten solar systems with a total installed capacity of 285 megawatts (MW) at the end of September. The company's project pipeline includes plans for 6,446 MW in solar power generation and an additional 812 MW in onshore wind power.
The listing date on the Philippine Stock Exchange is scheduled for March 15, 2024. This is Saavedra's third IPO following Megawide Construction Corp's successful listings. and Citicore Energy REIT Corp.
The final timing of the IPO, the final offering price and the final number of shares offered continue to depend on prevailing market conditions, a detail that Citicore emphasizes in its statement. As part of the IPO process, the services of UBS and BDO Capital were engaged to oversee the process to ensure a smooth transition to public trading.
Facing the challenges of climate change, the Philippines is on track to increase its share of renewable energy in the electricity mix. The goal is to increase the share of renewable energy from 21% in 2020 to 35% by 2030 and further to 50% by 2040. The target contrasts with the dominance of coal, which accounted for almost 60% of the electricity mix in 2020.
Also read:
Comments are closed.