United Kingdom’s MOBILIST programme invested $12.5 million in the newly-listed Citicore Renewable Energy Corp. (CREC).
CREC president and chief executive Oliver Tan said in a news briefing MOBILIST’s investment demonstrates the company’s upward potential in the Philippine renewable energy space.
MOBILIST programme, one of the company’s foreign anchor investors, is an initiative by the British Investment Partnership to deliver assistance to support infrastructure development and green transmission in the Philippines and Southeast Asia. This also marked MOBILIST’s first investment in the Philippines.
“With the investments made during the IPO, we have gained even more confidence in our ability to develop and expand our green energy portfolio. These investments are integral to the country’s transition to a cleaner form of power and our hope is to contribute to a more sustainable and affordable energy solution for all,” Tan said.
CREC will raise up to P5.4 billion from the sale of 1.76 billion common shares and an overallotment option for another 267.86 million shares priced at P2.70 per share. The offer attracted reputable domestic and international institutional investors.
CREC said that post listing, it would have a 22-percent public float and market capitalization of P24.1 billion.
Tan said the company would use the proceeds from the IPO to fund its solar projects in the pipeline.
“We are delighted with the outcome of CREC’s initial public offering – a testament to strong investor confidence in our vision, plans and projects,” said CREC chairman Edgar Saavedra.
“Based on our experience, the IPO plays a significant role in shaping companies and our collaboration with the PSE and SEC now extends to three companies – Megawide, CREIT and CREC. The success of our latest listing motivates us to exceed expectations in fulfilling our commitment to regulators and investors,” he said.
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.
It has a pipeline of renewable energy projects in the Philippines in line with its goal of adding 1 gigawatts of ready-to-build/under construction solar energy capacity each year through 2028.
CREC is the second company to list on the stock exchange this year after OceanGold Philippines Inc.
