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Tuesday, December 5, 2023

CREC eyes IPO in 2024

Renewable energy developer Citicore Renewable Energy Corp. (CREC) plans to conduct an initial public offering (IPO) next year if market conditions are ripe, a top executive said Tuesday.

“We are already preparing the necessary prospectus, the necessary registration statement. The idea is to file the registration statement within the year and if market conditions are conducive, do the IPO by next year,” CREC president Oliver Tan said in an interview with ANC.

Tan did not provide additional details, but he said earlier they planned to conduct a “blockbuster” IPO this year to finance its portfolio of RE projects.

CREC recently signed a $100-million financing deal for its solar development vehicle Citicore Solar Energy Corp. with Pentagreen Capital, a sustainable infrastructure debt financing partnership established by shareholders HSBC and Temasek.

The landmark funding facility structured by Pentagreen is a Mezzanine Construction Green Loan Facility with an initial tranche commitment of $30 million for a portfolio of six solar power projects with capacity of 490 megawatts across Luzon.

The solar projects include the 36-megawatt Arayat 1 and 22-MW Arayat 2 in Pampanga which are already operational and the 125-MW Lumbangan project and the 72-MW Luntal project in Batangas which are already under construction.

They also include the Bolbok 1 and Bolbok 2 projects with a capacity of 72 MW and 100 MW, respectively which are expected to begin construction in the fourth quarter.

The financing will enable Citicore Solar to allocate capital efficiently to accelerate the development of its project pipeline in line with its planned roll-out of one gigawatt of renewable energy capacity per year in the next five years.

“Pentagreen’s partnership with Citicore Renewables is a vote of confidence in our ability to scale up, enabling us to achieve our planned 1GW project roll out this year, in line with our 5GW in five years roadmap. We appreciate Pentagreen’s support for our solar projects as it unlocks the development of our renewable energy capacity pipeline in an accelerated manner,” said Tan.

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