CREC slashes IPO price to P2.70 per share

Citicore Renewable Energy Corp., the power generation arm of businessman Edgar Saavedra, priced its initial public offering at P2.70 per share, lower by 30.4 percent than the high end of its initial price range of P3.88.

The offer period will run from May 27 to May 31, with the tentative listing and start of trading on the Philippine Stock Exchange on June 7, according to the company’s preliminary prospectus.CREC has a pipeline of renewable energy projects in line with its goal of adding approximately 1 gigawatts of ready-to-build/under construction solar energy capacity each year through 2027.

The proceeds of the initial funding tranche will be applied towards CREC’s development of certain solar power plant projects in Batangas, Pampanga, and Negros Occidental. The solar power plant projects in Batangas, Pampanga and Negros Occidental are integral to CREC’s target of contributing 1GW of ready-to-build/under construction solar energy capacity per year over the next five years.

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