CREC listing fuels 5-GW green energy target by 2028

The Megawide Group of tycoon Edgar Saavedra listed its third company on the Philippine Stock Exchange (PSE) yesterday, raising P5.3 billion to boost a five-gigawatt (GW) green energy target by 2028.

- BRIX LELIS

Citicore Renewable Energy Corp. (CREC), the country's second public listing this year, saw its shares open slightly higher at P2.75 than the initial public offering (IPO) price of P2.70.

CREC offered 1.96 billion common shares-inclusive of the oversubscription option and was said to have attracted both domestic and international institutional investors.

The latest offer, which ran from May 27 to 31, brought the total CREC shares listed on the PSE to about 8.93 billion common shares, with a market capitalization of P24.1 billion at the time of listing.

Proceeds from the issuance will be used to fund the firm's capital expenditures and pipeline development for solar energy plants and battery energy storage systems.

"With this IPO, CREC will be able to deploy capital for the development of several solar and energy power plants that are ready to build or in advance development," PSE president and CEO Ramon Monzon said.