CREC delays initial public offering to second quarter
SAAVEDRA-LED Citicore Renewable Energy Corp. (CREC) has postponed its planned initial public offering (IPO) from March to the second quarter as it assesses offers from “various institutions.”
“The company recently received inquiries from other institutions with regard to participation in the IPO,” the renewable energy company told the local bourse late Monday.
“Following this, the company is carefully evaluating the offers from the various institutions, and hopes to finalize them at the soonest possible time,” it added.
The offer period was initially scheduled from March 11 to 15, with the tentative listing and start of trading on the Philippine Stock Exchange, Inc. (PSE) on March 22.
It was set to offer 2.9 billion common shares at a maximum price of P3.88 apiece, including an additional 435 million outstanding common shares for overallotment.
Earlier this month, the PSE gave its approval for CREC’s planned P12.9-billion IPO, while the Securities and Exchange Commission issued its pre-effective approval last month.
The proceeds from the offer are intended to be used for the company and its subsidiaries’ capital expenditures and pipeline development.
CREC also announced on Tuesday that it had broken ground on its second solar power plant in Negros Occidental with an installed capacity of 69 megawatt-peak (MWp), with future plans to expand up to 100 MWp.
The solar power plant covers a land area of 69 hectares and is slated for commercial operations within the year.
“With the completion of this project, we will not only be able to augment the power generation needs of Negros Occidental and the Visayas grid, but also contribute to the growth of the province,” CREC President and Chief Executive Officer Oliver Y. Tan said.
The company’s first plant in Negros Occidental was commissioned in 2016 and has an installed capacity of 25 MWp.
CREC manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply.
It intends to add approximately one gigawatt of ready-to-build solar energy capacity each year through 2027.
CREC is the parent company of Citicore Energy REIT Corp., the country’s first real estate investment trust listing focused on renewable energy. —