Citicore Renewable Energy Corp. lists P5.3b IPO shares
Citicore Renewable Energy Corp. (CREC) marked its stock market debut on the Philippine Stock Exchange (PSE) with the listing of 1.78 billion primary and 178.57 million overallotment shares on the main board of the Exchange.
CREC raised P5.30 billion from its IPO, which will be mainly used for the development of solar energy power plants. Included in the capital raised was the $12.5 million investment of MOBILIST (Mobilising Institutional Capital for Listed Product Structures), one of the investment vehicles under the British Investment Partnerships program of the United Kingdom government. In July 2023, PSE partnered with MOBILIST for climate investment in qualified issuers.
“I am very pleased that in less than a year, we are seeing the first fruit of this partnership in CREC. I believe that CREC is an ideal choice for MOBILIST’s maiden investment in the Philippines, considering its criteria for selecting sustainable finance products to invest in,” said PSE President and CEO Ramon Monzon in his welcome message.
“This choice is shared by other institutional and retail investors as evidenced by the full exercise of CREC’s overallotment option. After all, as a pure-play renewable platform, CREC boasts of a gross installed capacity of 285.1 megawatts as of end-2023. That comes from the company’s seven operating solar assets with a combined gross installed capacity of 175.5 megawatts and the remainder comes from solar assets of its parent firm to which CREC provides operations and maintenance services,” Monzon added.
CREC is the third company of the Megawide group headed by Edgar Saavedra to be listed on the PSE. Megawide Construction Corporation was listed in February 2011 while CREC’s subsidiary, Citicore Energy REIT Corp. (CREIT) joined the roster of listed firms in February 2022. Corporate Communications Dept.
