CITICORE Renewable Energy Corp. (CREC) said its board of directors approved the advance release of the proceeds from its initial public offering (IPO) this year amounting to P1.22 billion.
CREC said in a disclosure to the Philippine Stock Exchange yesterday the early release of the IPO proceeds will enable the company to ramp up the development of solar energy plants in line with its goal to roll out 1,000 megawatts (MW) worth of capacity each year for the next five years.
The company said the target release of the amount is subject to approvals and documentation requirements.
CREC said its solar power plant projects in Batangas, Pampanga and Negros Occidental are integral to the target of contributing 1,000 MW of ready-to-build and under construction solar energy capacity per year over the next five years.
The first phase of the Negros Occidental project was to start commercial operations last month. The second phase will be operational by September 2025.
The expected commercial operation dates for the first and second phases of each of the Batangas and Pampanga projects are in December 2024 and 2025, respectively.
CREC’s largest existing power projects include solar farms worth 60 MW in Toledo, Cebu; 22 MW in Clark, Pampanga; 18 MW in Mariveles, Bataan; and 15 MW in San Ildefonso, Bulacan, among others.
