Citicore Renewable Energy Corp. (CREC), one of the country’s leading solar power producers, plans to raise up to P12.9 billion from an initial public offering in the first quarter of 2024.
CREC said in a filing with the Securities and Exchange Commission (SEC) it plans to offer 2.9 billion common shares, with an over-allotment option for another 435 million common shares priced at P3.88 apiece.
The company will use the net proceeds from the offering to fund solar energy projects in the pipeline.
CREC tapped BDO Capital and Investments Corp. and UBS as joint book runners for the offering.
CREC had an installed capacity of 285.1 megawatts as of end-September.
CREC is a leading pure-play renewable energy platform focused on and committed to the development and operation of solar, hydro and wind projects in the Philippines.
CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, power project development operations and retail electricity supply.
It is the parent firm of Citicore Energy REIT (CREIT).