5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Stock

Citicore Renewable Energy sets up to P35-B capex for 2024

by
January 18, 2024
in Stock
0
Citicore Renewable Energy sets up to P35-B capex for 2024
CREC.COM.PH

CITICORE Renewable Energy Corp. (CREC) plans to spend around P35 billion this year, primarily on renewable energy projects, its chief executive officer said.

“For 2024, [the capital expenditure budget is set at] approximately P35 billion,” CREC President and Chief Executive Officer Oliver Y. Tan told reporters on Wednesday.

As part of a five-year plan, the company intends to deploy one gigawatt of solar projects this year.

Mr. Tan noted that funding for the first gigawatt of projects currently under construction has already been “procured and secured.”

CREC has ongoing construction in four sites in Batangas, two in Quezon province, two in Pangasinan, one in Pampanga, and one in Negros Occidental, scheduled for completion by 2024.

For the second gigawatt of projects, Mr. Tan said that it will be financed through the planned initial public offering (IPO). 

“The next batch, we are consolidating the land, medyo nakakalahati na kami (we’re already halfway through). Our pipeline projects are in clustered areas, so we’re not like strike anywhere. So, it’s going to be multiple phases in one region.”

On Wednesday, the Securities and Exchange Commission (SEC) approved CREC’s planned P12.9-billion IPO.

CREC is set to offer up to 2.9 billion common shares at a maximum price of P3.88 apiece, including an additional 435 million outstanding common shares for overallotment.

The company anticipates netting over P10.71 billion from the primary offer for capital expenditure (capex), pipeline development for solar energy power plants, and general corporate purposes.

CREC’s planned IPO is scheduled to run from March 4 to 8, with listing on the main board of the Philippine Stock Exchange on March 15, as per the latest timeline submitted to the SEC.

The Saavedra-led energy company manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply. It is the parent firm of listed Citicore Energy REIT Corp. — Sheldeen Joy Talavera

Previous Post

PNOC targets to finish P5-B Batangas port repurposing by 2027

Next Post

The Filipino art of drag inspires on Drag Den season two

Next Post
The Filipino art of drag inspires on Drag Den season two

The Filipino art of drag inspires on Drag Den season two

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    DHSC accused of wasting PPE Medpro gowns as experts reveal missed £85m resale opportunity

    DHSC accused of wasting PPE Medpro gowns as experts reveal missed £85m resale opportunity

    June 30, 2025
    Barclays launches appeal over motor finance commission ruling

    Barclays launches appeal over motor finance commission ruling

    June 30, 2025
    NCR workers get P50 daily wage hike

    NCR workers get P50 daily wage hike

    June 30, 2025
    BSP: June inflation could range 1.1%-1.9%

    BSP: June inflation could range 1.1%-1.9%

    June 30, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.