MANILA -- Citicore Renewable Energy Corporation has been listed at the Philippine Stock Exchange (PSE).

The renewable energy firm led by Edgar Saavedra is now trading in the state bourse under the ticker symbol $CREC.

The company's president and chief executive officer Oliver Tan said they are pleased with how the market has so far received their initial public offering (IPO).

"The fact that we exercised that over allotment options tells us that there is demand. I think we are in a sector where people and both domestic and international investors are quite bullish," he said. 

Tan said they will use the proceeds for capital expenditures this year and the next, noting that these are enough to fund 2 gigawatts worth of solar projects.

The executive said the upcoming projects are in north, south, and central Luzon. 

Tan also said they will break ground next year for four onshore wind projects, which they hope to complete by the end of 2026.

Citicore is the second IPO in the PSE for 2024, the first being that of mining firm OceanaGold Corporation.  

--ANC, 7 June 2024