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Citicore Renewable Energy’s Planned IPO in the Philippines

by Richie
12/18/2023
in Green Supply Chains, Sustainability & Ethics

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Citicore Renewable Energy Corp, a leading solar power producer in the Philippines, has announced its plans to initiate an initial public offering (IPO) potentially worth up to 12.94 billion pesos ($231.9 million). The company, which is actively involved in renewable energy projects, aims to sell as many as 3.335 billion shares, factoring in an over-allotment option. The shares are tentatively priced at a maximum of 3.88 pesos ($0.07) each.

The primary objective of this IPO is to raise funds for the development of new solar power plants. This move aligns with the Philippines’ broader strategy to transition towards cleaner energy sources. Citicore is looking to generate about 11.25 billion pesos in new capital to support its pipeline of projects.

It’s important to note that in Philippine IPOs, the maximum offer price included in the initial filing is typically a placeholder. Adjustments to the offer price are common as the process nears completion, based on market conditions.

As of the end of September, Citicore was operating ten solar assets with a total gross installed capacity of 285 megawatts (MW). The company’s future plans include an expansion of its portfolio, with projects totaling 6,446 MW in solar power generation and 812 MW in onshore wind energy.

The finalization of the IPO’s details, including the timing, offer price, and the exact number of shares to be offered, will be contingent on prevailing market conditions. Citicore has engaged the services of UBS and BDO Capital to assist with the IPO process.

This initiative comes as part of the Philippines’ national goal to enhance the role of renewable energy in its power mix. The country, which faces significant risks from climate change, is targeting to increase the share of renewables from 21% in 2020 to 35% by 2030 and 50% by 2040. As of 2020, coal was the dominant energy source, accounting for nearly 60% of the country’s power mix.

Get the latest supply chain report news insights at The Supply Chain Report. For international trade resources, visit ADAMftd.com.

#CiticoreIPO #RenewableEnergyPH #PhilippinesSolarPower #CleanEnergyTransition #SustainableInvestment #SolarEnergyExpansion #PhilippinesRenewables #CiticoreEnergy #PhilippinesGreenFuture #UBSBDOIPO #CiticoreCapitalRaise #ClimateResiliencePH #PhilippinesGreenGoals

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