Thursday, February 15, 2024

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Citicore Renewable Energy plans to go public through an initial public offering (IPO) in the upcoming year.


CITICORE RENEWABLE Energy Corp. (CREC) is targeting to go public next year, its top official said, as he highlighted the company’s goal of rolling out a gigawatt of solar projects annually for the next five years.

“We are currently in the process of preparing the required registration statement,” stated Oliver Y. Tan, President and CEO of CREC, regarding the progress of the proposed IPO.

In an interview with ANC on Monday, he stated that the plan is to submit the registration statement by the end of the year and, if the market is favorable, we can potentially carry out the IPO next year.

Last week, CREC announced that it had entered into a loan agreement worth $100 million with Pentagreen Capital Pte. Ltd. This debt financing firm was established through a joint effort by HSBC and Temasek Holdings Ltd., both based in Singapore.

Mr. Tan stated that the funding from Pentagreen will be utilized for about six solar projects that are currently under construction. These projects are situated in Batangas, with some also being in northern Luzon.

According to Mr. Tan, the company intends to introduce an additional 1,000 MW of solar projects by the end of 2024, increasing their total installed capacity to 1.3 GW. Currently, they have a capacity of 284 MW.

The goal is to achieve an annual output of one gigawatt for the next five years. Currently, we are making good progress towards our first gigawatt and are also working on acquiring land and planning for the second gigawatt, which we aim to start by next year. This was stated by Mr. Tan.

Additionally, he mentioned that the company’s goal is to enhance its range in the market and assist the government in meeting its renewable energy objectives by expanding its portfolio.

“We plan to broaden our market coverage in order to also serve customers during peak nighttime hours, and to transition towards solely utilizing renewable energy,” he stated.

“We can only reach this goal once we have a diverse portfolio consisting of solar, wind, hydro, and supported by energy storage systems,” he elaborated.

In July, the Department of Energy awarded the energy company 916 MW of renewable energy projects through their green energy auction program.