MOBILIST invests in renewable energy IPO in the Philippines

7 June, Manila. The MOBILIST programme is supporting the Philippines in its transition to renewable energy through an investment in the initial public offering (IPO) of Citicore Renewable Energy Corporation (CREC) on The Philippine Stock Exchange, Inc. (PSE).

MOBILIST invested alongside several private sector investors to take up 22% in CREC shares, with the total IPO valued at approximately $86 million. CREC is the first renewable energy generator to list on the PSE this year. In July 2023, MOBILIST and the PSE established a partnership to ensure greater investment in sustainable development in the Philippines via products listed on the PSE.

CREC is the second-largest solar energy generator in the Philippines in terms of installed solar capacity and had ten operating solar projects with a combined gross installed capacity of 285.1MW as of 31 December 2023. The company estimates that its 20 pipeline solar and wind projects, in various stages of advanced development and ready-to-build/under-construction phases, will reduce carbon emissions by an aggregate of approximately 3.3 million tons upon completion over the next three years. CREC will utilise the listing proceeds to fund capital expenditures and pipeline development for solar energy plants and battery energy storage systems, among others. According to the Philippine Department of Energy, the Philippines needs US$120 billion in investment by 2040 to realise its untapped renewable energy potential.

 

About Citicore Renewable Energy Corporation

Citicore Renewable Energy Corporation (CREC) is a leading pure-play renewable energy platform committed to the development and operation of solar, hydro, and wind projects in the Philippines. CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, engages in power project development operations, and engages in retail electricity supply. CREC is also the sponsor of the Philippines’ first renewable energy real estate investment trust, Citicore Energy REIT Corporation. For more information, please visit www.crec.com.ph.