Capital Expansion Focus
Citicore Renewable Energy Corp., under the leadership of tycoon Edgar Saavedra, is set to invest P35 billion in capital expenditures in 2023, primarily for expanding its solar power portfolio.
Aggressive Solar Capacity Growth
CEO Oliver Tan announced the company’s target to add 1 gigawatt (GW) of solar power capacity in 2023, contributing to the ambitious goal of reaching 5 GW within the next five years.
Key Partnership with Trina Solar
Citicore Renewable secured a significant collaboration with China-based Trina Solar, committing to providing 700 megawatts of solar modules for upcoming projects under the national government’s Green Energy Auction Program.
IPO Approval and Funding Allocation
Following recent approval from the Securities and Exchange Commission for Citicore Renewable’s P12.9-billion initial public offering (IPO), the company plans to allocate part of the IPO proceeds for solar project development, pending approval from the Philippine Stock Exchange (PSE) for share listing.
Source：business.inquirer.net
