Citicore investing Php70B for 1,500MW in solar projects

CREIT listing

Citicore Renewable Energy Corporation (CREC) will be investing around Php70 billion to develop 1,500 megawatts (MW) worth of renewable energy (RE) projects over the next five years.

The projects, according to CREC President and CEO Oliver Tan, would be infused in newly-listed Citicore Energy REIT Corporation (CREIT). He added that a portion of the Php70 billion investment will be funded by CREIT’s initial public offering (IPO) proceeds amounting to Php6.4 billion. 

CREIT, which CREC sponsors, officially debuted in the Philippine Stock Exchange (PSE) on Tuesday, closing at Php2.84 per share – 11.37% up from its IPO price of Php2.55 apiece.

CREC is currently working on 630MW of RE projects, which are in different development stages and are set to commence commercial operations within two to three years. 

This year, CREC will be allotting Php3 billion in capital expenditures to secure land for its solar projects. Tan said that the properties would be for Phase 2 of the 72MW Arayat-Mexico solar plant joint venture with Ayala-led ACEN in Pampanga, Citicore Power’s 25-megawatt-peak solar farm expansion in Silay City, Negros Occidental, the installation of a 6.64MW solar rooftop system in the Freeport Area of Bataan, and the completion of three other projects in Batangas. 

CREC has also completed the road construction for its 19.7MW run-of-river hydropower project in Isabela. The project is aimed to be completed within three years. 

The company is also looking to acquire existing solar projects and other RE technologies to further add its RE capacity. 

Screengrab from PSE FB page.