Citicore Renewable Energy Corp. (CREC) has received regulatory approval from the Philippine Stock Exchange for its P12.94 billion initial public offering (IPO) plans, two weeks after securing the nod of the Securities and Exchange Commission.
CREC plans to offer to the public 3.34 billion shares, divided into an initial 2.9 billion and another 435 million for the greenshoe option, at an offer price of up to P3.88 per share.
Without the over-allotment portion, CREC can raise as much as P11.25 billion.
IPO price will be set by March 6. Offer period is between March 11 and 15.
CREC eyes to list its shares by March 22.
CREC will use the proceeds of the offer to fund capital expenditures and pipeline development for solar energy power plants, and general corporate purposes.
CREC is looking at developing 1,000 megawatts of additional capacity annually in the next five years.
The sponsor company for real estate investment trust (REIT), Citicore Energy REIT Corp., it has over 5 gigawatts (GW) of project pipelines in varying stages of development.
CREC currently operates 10 solar power plants, and one micro-grid solar rooftop systems with total aggregate capacity of 284 MWpdc across the country.
These solar facilities include Citicore Solar (CS) Bulacan, Inc., CS Bataan, Inc., CS Tarlac 1, Inc., CS Tarlac 2, Inc., Clark Solar Farm, Inc., CS South Cotabato, Inc., CS Cebu, Inc., CS Negros Occidental, Inc., Arayat-Mexico Solar Farm (JV with ACEN), and solar rooftop systems in Bataan.
The company also ventured into the development of run-of-river (ROR) hydro in Ilaguen, Isabela. It has secured wind energy service contracts for at least seven off-shore wind projects.
CREC tapped UBS AG as sole global coordinator and joint bookrunner, and BDO Capital & Investment Corp. as domestic lead manager and joint bookrunner for the IPO.
