CREC earmarks P35 billion capex for RE projects

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) is allocating P35 billion for capital expenditures this year as it continues to bolster its renewable energy portfolio.

CREC president and CEO Oliver Tan said majority of this year’s capex would be used to fund the construction of its renewable energy projects.

CREC aims to contribute about one gigawatt (GW) of ready-to-build or under construction solar energy capacity per year over 2023 to 2027, thereby helping increase the share of renewables in the country’s energy mix.

In the short term, or from 2024 to 2025, the company expects to commission approximately 2.3 GW of gross solar installed capacity, with various projects having in the ready-to-build or under construction stage.

From 2026 to 2028, CREC intends to develop approximately five GW of gross installed capacity comprising solar, run-of-river hydro and onshore wind.

Meanwhile, the company said it has feasible plans to add approximately 3.1 GW of gross installed capacity through offshore wind energy projects in the long term, or from 2029 onwards.

CREC is currently looking to raise as much as P12.94 billion from an initial public offering this year to support its expansion.

Offer period will be from March 4 to March 8, with a target listing date of March 15.

Proceeds will be used to fund the capital expenditures and pipeline project development.

CREC is a pure-play renewable energy platform focused on the development and operation of solar, hydro, and wind projects in the Philippines.

The company, 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.