Philippines-based renewables company Citicore plans to expand solar power in the country. Photo by Mint Images vie Getty Images.

Citicore Renewable Energy Corp, one of the Philippines’ largest solar power producers, has announced plans to go public this year. It hopes the share offering will help fund a $4bn investment in solar projects over the next five years.

Citicore President and CEO Olive Tan said this week that the company will file documents for an initial public offering (IPO) in the second quarter of this year. He added that the listing will be completed within the year, and that he believes the offering will be big enough to attract foreign investors for an international tranche.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Capital from the IPO will allow Citicore to invest $800m this year to increase its current generation capacity from 241MW to 1GW and a total of $4bn over five years to reach an installed capacity of 5GW, Tan said.

The company has several solar projects already functional in the Philippines, including the Clark Solar Plant in Pampanga, as well as farms under its leasehold and freehold land portfolios. Citicore is also pursuing seven offshore wind projects, with a planned total capacity of 3GW.

“For a country such as ours, with limited oil and coal but abundant sun, wind, and water, it is imperative we deploy capital investment into renewable energy,” Tan told Reuters.

Reuters reports that the country aims to increase the share of renewables in its power mix to 35% in 2030, and 50% by 2040. In 2020 renewables accounted for 20% of overall electricity  output, with coal power making up almost 60%.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to a 2019 report published by the Institute for Economics and Peace, the Philippines is the country most at risk from climate change. This is principally because of its low elevation as well as its economic dependence on vulnerable marine life.