The board of Citicore Renewable Energy Corp. (CREC) approved the advance release of the proceeds from its initial public offering (IPO) amounting to P1.2228 billion.
CREC said in a disclosure to the Philippine Stock Exchange Wednesday its board approved the advance release of the IPO process “to ramp up its pipeline development for solar energy plants.”
The company said it would use the proceeds for capital expenditures and pipeline development of solar plants, in line with CREC’s 1-gigawatt rollout target.
CREC expects the funds to be released after securing the necessary approvals and documentary requirements.
CREC earlier said around 800 megawatts of renewable energy (RE) projects were declared as energy projects of national significance by the Department of Energy (DOE).
The DOE presented the certificates of energy projects of national significance (CEPNS) to 13 CREC projects this month, which the company won under the Green Energy Auction Program 2 (GEAP-2) in July 2023.
The projects include 430MWac of ground mount solar and 362MWac of onshore wind developments in eight provinces: Pangasinan, Bataan, Pampanga, Batangas, Quezon, Camarines Sur, Iloilo, and Negros Occidental.
These projects are targeted for completion by 2024 to 2026.
CREC’s GEAP-2 projects are part of the company’s goal to build 5 gigawatts of clean energy capacity in five years.
CREC is the parent firm of the Philippine’s first renewable energy REIT, Citicore Energy REIT (CREIT).
