Stock market debutant allots P35B for solar capital outlays

MANILA, Philippines  —Tycoon Edgar Saavedra-led Citicore Renewable Energy Corp. will earmark P35 billion in capital expenditures this year mainly to expand its solar power portfolio.

Citicore Renewable Chief Executive Oliver Tan told reporters on Wednesday that they aimed to add 1 gigawatt (GW) of solar power capacity to help reach the company’s goal of building 5 GW in five years.

Tan had previously announced that they wanted to launch 1 GW of solar projects annually until 2027.

“The [first] 1 GW that we are constructing is already fully funded,” he said, adding that they had already procured solar panels for installation.

China-based photovoltaic solutions provider Trina Solar last year said they would provide 700 megawatts of solar modules for Citicore Renewable’s upcoming solar projects under the national government’s Green Energy Auction Program.

READ: Citicore Renewable’s P12.9-B IPO OKd

Tan’s announcement came after the Securities and Exchange Commission had given the green light for Citicore Renewable’s P12.9-billion initial public offering (IPO) in March. This is potentially the first IPO in the country this year.

The regulator approved Citicore Renewable’s registration of 10.04 billion common shares, although a separate approval from the Philippine Stock Exchange (PSE) is needed to list its shares on the local bourse.

READ: Citicore Group inks 700-MW solar module supply deal

According to Tan, part of the proceeds raised from the IPO will also fund the development of solar projects that Citicore Renewable seeks to launch by the end of the year.

Citicore Renewable is currently the country’s second-largest solar power developer after Ayala-led ACEN Corp. —Meg J. Adonis