Philippines' Citicore IPO to fund $4 bn investment in renewables


Citicore Renewable Energy Corp, one of the Philippines' leading solar power producers, has revealed plans to go public this year. It expects the share offering to contribute to a $4 billion investment in solar projects over the next five years.

"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 said.

Tan said that the company will submit documents for an IPO in the second quarter of this year, adding that the listing will be finished within the year and that he expects the offering to be large enough to attract foreign investors for an international tranche.

According to Tan, capital from the IPO will allow Citicore to invest $800 million this year to increase its existing generation capacity from 241 MW to 1 GW, and a total of $4 billion over five years to reach an installed capacity of 5 GW.

Citicore REIT, subsidiary of Citicore, listed its first ASEAN Green Bond on the Philippines' fixed income trading platform. It sold bonds for 4.5 billion pesos ($82.6 million) to fund the acquisition of land for its renewable energy portfolio.

The Philippines, an archipelagic country that is vulnerable to climate change, seeks to expand renewables in its power mix to 35% by 2030, up from 21% in 2020, and 50% by 2040. In 2020, coal accounted for about 60% of total energy consumption.

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