Citicore Renewable Energy Corp, one of the Philippines’ biggest solar power producers, on Monday said it has filed for an initial public offering of up to 12.94 billion pesos ($231.9 million).
Citicore plans to sell up to 3.335 billion shares, including an over-allotment option, at up to 3.88 pesos ($0.07) per share, to finance new solar power plants, riding on a big push by the Philippines to rely on cleaner sources of energy.
The company plans to generate 11.25 billion pesos in fresh capital for its project pipeline, it said in a statement.
In Philippine IPOs, the maximum offer price is a placeholder amount included in the filing to securities regulators. It is not uncommon to cut the maximum offer price late in the IPO process.
Citicore operates 10 solar assets with a combined gross installed capacity of 285 megawatts (MW) as of end-September. Its project pipeline includes 6,446 MW in solar power generation and 812 MW in onshore wind.
The IPO’s timing, final offer price, and final number of offer shares will depend on market conditions, Citicore said.
Citicore hired UBS and BDO Capital to facilitate the IPO.
The Philippines, a country of thousands of islands that is among the most vulnerable to climate change, aims to increase renewables in its power mix from 21% in 2020 to 35% by 2030 and to 50% by 2040. Coal accounted for nearly 60% in 2020.
Reuters