Citicore Power Inc. on Friday announced a block sale of 153,741,000 common shares in unit Citicore Renewable Energy Corp. (CREC), reducing its interest to 59.92 percent from 78.78 percent.
CREC said in a disclosure to the Philippine Stock Exchange it received a notice from CPI on Jan. 31, 2025 about the transaction, which is part of the conditions precedent to PT Pertamina Power Indonesia’s (PNRE) acquisition of a 20-percent stake in the company.
CREC earlier disclosed that its public float would be maintained at 20 percent as a portion of the common shares owned by CPI would be sold to the public prior to the subscription of PNRE.
“The aforementioned acquisition will enable the company to gain the opportunity to partner with PNRE in pursuing its 5-gigawatt project pipeline in the Philippines and to develop renewable energy projects in Indonesia, allowing for the company’s potential expansion in the region. PNRE’s investment in CREC is a testament to the company’s track record and ability to ramp up its renewable energy pipeline from pre-development to construction to commercial operations,” it said.
“Furthermore, the block sale transaction was made to ensure that the company remains compliant to the 20-percent minimum public float requirement of the exchange upon the entry of PNRE,” CREC said.
It said CPI also gave notice to the company regarding the PSE’s corresponding approval of its block sale application.
CREC previously announced it signed a share subscription agreement with PNRE covering 2.23 billion CREC common shares at P3 apiece, raising P6.69 billion or about $115 million.
The partnership with CREC marks PNRE’s first investment in the Philippines and its entry to the country’s booming renewable energy investment climate, now ranked second-most attractive emerging market for renewable energy investment by BloombergNEF.