Citicore Renewable Energy Corporation (CREC) is planning to go public next year and to roll out one gigawatt (GW) of solar projects per annum in the next five years.
In a report by the Business World, CREC President and CEO Oliver Y. Tan said that the company is preparing in advance the needed registration statement for the set initial public offering (IPO).
Tan further explained that the plan is to file the registration statement within this year and if the market conditions turn favorable, the company can file the IPO by next year.
Earlier, CREC signed a $100-million loan agreement with Pentagreen Capital Pte. Ltd., a financing firm co-founded by Singapore-based firms, Temasek Holdings Ltd. and HSBC.
The funds from the Pentagreen would be used for six solar projects now under construction in Batangas and northern Luzon.
CREC currently has an installed capacity of 284 megawatts (MW) and is planning to add 1,000 MW of new solar projects before 2024 ends, which brings a total of 1.3 GW in CREC’s installed capacity.
Furthermore, the company is planning to advance its renewable energy (RE) portfolio to expand its market reach and be an asset to the goal of the country to achieve its RE target. CREC’s chief executive believes that they can only achieve this goal once they have a portfolio of wind, solar, and hydro.
Last July, CREC was awarded 916 MW of RE projects through the Green Energy Auction Program (GEAP) of the Department of Energy.