The UK government’s MOBILIST Programme has invested P731 million in Citicore Renewable Energy Corporation (CREC) which is equivalent to 13.77 percent of its P5.3-billion initial public offering (IPO).

CREC has successfully completed its IPO and listing on the Philippine Stock Exchange (PSE) on June 7, Friday, after receiving a warm reception from both local and international investors.


(L-R) UK FCDO Climate and Economic Counsellor Lloyd Cameron, CREC Chief IR Officer Joan Cosico, CREC Director Louie Ferrer, CREC President and CEO Oliver Tan, CREC Chairman Edgar Saavedra, Securities and Exchange Commission Chairman Emilio Aquino, PSE President Ramon Monzon, PSE Chief Operating Officer & Executive Vice President Roel Refran, PSE Corporate Secretary Atty. Aissa V. Encarnacion, PSE Issuer Regulation Division Head Atty. Marigel M. Baniqued-Garcia, PSE General Counsel Atty. Veronica V. Del Rosario on listing day of CREC's IPO on June 7, 2024. 

The stock closed at its IPO price of P2.70 per share after hitting a high of P2.78 per share during the morning session.

The strong international support received by CREC includes an investment from the MOBILIST, an initiative by the British Investment Partnership to deliver assistance to support infrastructure development and green transmission in the Philippines and Southeast Asia. 

MOBILIST has partnered with the PSE to ensure greater investment in sustainable development in the Philippines through products listed on the PSE. CREC is MOBILIST’s maiden IPO investment in the country focused on renewable energy transition


(L-R) CREC Chief IR Officer Joan Cosico, CREC Chairman Edgar Saavedra, Securities and Exchange Commission Chairman Emilio Aquino, UK FCDO Climate and Economic Counsellor Lloyd Cameron, PSE President Ramon Monzon, CREC President and CEO Oliver Tan, CREC Director Louie Ferrer.

“MOBILIST is one of our anchor IPO investors. They came in during the book build. We are very honored because this is their first investment. The investment size is about $12.5 million. That's a significant portion of the IPO offer size,” said CREC President and CEO Oliver Tan.

CREC completed its offering of 1.79 billion common shares, with a 10 percent overallotment option of up to 178.57 million secondary common shares, at a price of P2.70 per share. T

This brings the total CREC shares listed on the PSE to 8.93 billion common shares with the offering representing 22 percent of CREC’s total outstanding shares, and with a market capitalization of P24.11 billion at the time of listing.

The firm shares, or 70 percent of the offer shares, were allotted to local and international institutional investors, while the remaining 30 percent were offered to eligible trading participants on the PSE and to local small (retail) investors.

“We are delighted with the outcome of CREC’s initial public offering - a testament to strong investor confidence in our vision, plans and projects,” said CREC Chairman Edgar Saavedra. 

He noted that “based on our experience, the IPO plays a significant role in shaping companies and our collaboration with the PSE and SEC now extends to three companies – Megawide, CREIT, and CREC. The success of our latest listing motivates us to exceed expectations in fulfilling our commitment to regulators and investors.”

Tan underscored the importance of the company’s capital raising to support its renewable energy targets of achieving 5,000 MW renewable energy capacity by the year 2028.

“With the investments made during the IPO, we have gained even more confidence in our ability to develop and expand our green energy portfolio. These investments are integral to the country’s transition to a cleaner form of power and our hope is to contribute to a more sustainable and affordable energy solution for all,” he said.

Securities and Exchange Commission (SEC) Chairperson and CEO Emilio Aquino said during the listing ceremony that “the Commission is very hopeful that today's listing of Citicore's common shares will further propel the development of renewable energy projects.”

“We hope that it remains steadfast in its dedication to innovation and sustainability. Together, we have the power to secure our future with renewable energy resources taking environmental stewardship into account while driving economic growth,” he added.

The IPO is one of CREC’s biggest capital raising activities following its landmark mezzanine loan facility with Pentagreen Capital in 2023, as well as the financing arrangement with RCBC and the sale of certain CREIT shares to SM Investments Corporation, both held earlier this year, all of which are all geared towards the development of CREC’s pipeline of projects. 

CREC’s goal is to contribute approximately one gigawatt (GW) of ready-to-build/under construction solar energy capacity in the Philippine energy mix per year in the next five years, equivalent to approximately five GW by 2028.