Citicore Renewable Energy Corporation aims to establish additional solar power plants to secure over half of the country’s total capacity within five years.
Business World reported that the firm is working to obtain around Php 5.3 billion in its initial public offering (IPO) which will end this Friday.
This IPO, according to Bloomberg, was only roughly a third of Energy Development Corporation’s 2006 share sale of Php 16.7 billion, making it the largest public offering by a domestic renewable energy (RE) company in almost two decades.
In March, the company reduced the scope of its initial public offering following its sale of a portion of Citicore Energy REIT Corporation to SM Investments Corporation.
Citicore CEO Oliver Tan also shared that the firm is gearing up to utilize around Php 175 billion in the coming five years to establish a capacity of five gigawatts (GW) of solar power.
The firm plans to put a portfolio of 10.4 GW of hydropower, wind, and solar projects into service by 2028.
In the last 14 months, renewable energy firms, including Citicore, have dominated the IPO landscape in the Philippines, reflecting growing investor interest in sustainable initiatives and green energy projects.
According to Tan, the transition to renewable energy (RE) was aimed at enhancing the country’s energy security.
As of 2023, Citicore’s portfolio of 285 megawatts (MW) constituted approximately one-fifth of the Philippines’ total installed solar capacity.
