In order to finance a $4 billion investment in new solar projects over the next five years, Citicore Renewable Energy Corp, one of the Philippines' largest solar power producers, plans to go public this year, according to its CEO.
"For a country such as ours with limited oil and coal but have abundant sun, wind and water, it is imperative we deploy capital investment into renewable energy," Citicore President and CEO Oliver Tan told
As per Tan, Citicore would complete its listing within the year and submit the necessary paperwork for an IPO in the second quarter. Tan also stated that the company will be sufficiently large to draw overseas investors for a global tranche.
Citicore, which has solar panels with an installed capacity of 241 megawatts, will be able to invest $800 million this year to grow output to 1 gigawatt (GW), and roughly $4 billion to achieve 5 GW within five years thanks to new funding from the offering, according to Tan.
The Philippines, an archipelagic nation that ranks among the most vulnerable to climate change, plans to boost the share of renewable energy sources in its power mix from 21% in 2020 to 35% by 2030 and to 50% by 2040. In 2020, coal accounted for around 60%.
Seven offshore wind projects with a combined 3 GW capacity are also being pursued by Citicore.
Megawide Construction Corp.'s sister business, Citicore, is the parent company of Citicore Energy REIT Corp.
The first ASEAN Green Bond issued by Citicore REIT was launched on the fixed income trading platform in the Philippines. It sold bonds to obtain 4.5 billion pesos ($82.6 million) to pay for the purchase of land for its portfolio of renewable energy sources