Citicore eyes early release of IPO proceeds

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) of tycoon Edgar Saavedra is looking to quickly disburse a portion of proceeds from its initial public offering (IPO) earlier this year.

Citicore Renewable Energy Corp. (CREC) of tycoon Edgar Saavedra is looking to quickly disburse a portion of proceeds from its initial public offering (IPO) earlier this year.

“The rationale for the early release of IPO proceeds is for CREC to ramp up its pipeline development for solar energy plants,” CREC told the Philippine Stock Exchange.

According to the company, the move is still subject to necessary regulatory approvals and documentation requirements.

CREC, the country’s second IPO this year, successfully raised P5.3 billion from its market listing in June that will be used to roll out 1,000 megawatts (MW) worth of projects annually until 2028.

Previously, the company secured certificates of energy projects of national significance (CEPNS) for its 13 green power projects.

The projects include the 430-MW alternating current ground mount solar and the 362-MWac onshore wind developments in the provinces of Pangasinan, Bataan, Pampanga, Batangas, Quezon, Camarines Sur, Iloilo and Negros Occidental.

Issued by the Department of Energy, the CEPNS will offer speedy and systematic issuance of permits and clearances to fast-track the implementation of significantly needed energy projects.

CREC, a pure-play RE platform focused on and committed to the development of clean energy projects, has a portfolio of 10 operating solar assets with a combined installed capacity of 285.1 MW.

It also has a gross installed capacity pipeline of 6,466 MW in solar power generation, 812.5 MW in onshore wind power generation and 3,100 MW in offshore wind generation capacities in various stages of development.