CASE STUDY
Citicore Renewable Energy Corporation (CREC)
CATEGORY
Demand
Capital market tool
Anchoring
Geography
Philippines
LISTING EXCHANGE
Philippine Stock Exchange (PSE)
SECTOR
Renewable Energy
DFI / DONOR INTERVENTION
MOBILIST (USD 12.5 million)
TRANSACTION SIZE
PHP 5.3 billion (approx. USD 86 million)
TRANSACTION YEAR
2024
Structure and Capital Market Tool
In June 2024, CREC listed on the Philippine Stock Exchange (PSE), raising PHP 5.3 billion (approximately USD 86 million), with the UK government's MOBILIST programme making a USD 12.5 million anchor investment. CREC intends to use listing proceeds to fund capital expenditure and pipeline development, which is expected to reduce carbon emissions by approximately 3.3 million tonnes upon completion. This is the equivalent of taking over 700,000 cars off the road for a year.
CREC debuted on the PSE with 1.78 billion primary shares and gradually increased its free float to 11.16 billion shares issued. Citicore Power Inc. remained the largest shareholder, with a controlling stake of 50.4%. In August 2025, CREC was included in the PSE Industrial Index, reflecting the company's growing market capitalisation and signalling the broader integration of renewable energy assets into the country's public capital markets landscape.
Background and Market Context
Citicore Renewable Energy Corporation (CREC) is the second-largest solar energy generator in the Philippines by installed capacity, with a diversified renewable energy portfolio. CREC operates 16 solar power facilities with a total aggregate capacity of 791 MWdc, along with a run-of-river hydro project in Isabela province.
CREC is part of the Megawide Group, a conglomerate which completed its first solar power projects in Bataan, Cebu, and Negros Occidental in 2015. CREC itself was incorporated in May 2018 as a subsidiary of Citicore Power Inc., established to serve as the Group's holding company for renewable energy development. CREC initially centred on solar power generation and energy sales before expanding into onshore wind.
Development Impact
CREC's IPO illustrates a demand-side intervention, in which the MOBILIST programme invested alongside several private sector investors, supporting a primary issuance by anchoring the transaction. MOBILIST helped expand the universe of listed instruments with financial and social returns in the Philippine stock market. More broadly, the transaction contributed to deepening local public capital markets and further demonstrated that renewable energy assets can be successfully structured, priced, and sustained as mainstream listed investments rather than relying on private market investment alone.
The offering consisted entirely of newly issued primary shares. This means the anchor commitment underwrote fresh growth capital, with proceeds earmarked to fund CREC's capital expenditure and pipeline development. MOBILIST's anchor investment helped mobilise institutional capital, reinforcing investor confidence in a sector central to the country's energy transition and climate resilience. At a systemic, market-building level, the CREC transaction enabled investors to benchmark returns for climate-focused companies and consider regular allocations to these newer asset classes.