UK’s MOBILIST program announced its investment in the initial public offering (IPO) of Citicore Renewable Energy Corporation (CREC) on the Philippine Stock Exchange (PSE), marking a significant step in the UK’s support of clean energy transitions in emerging markets like the Philippines. The IPO, valued at approximately USD 86 million, included participation from both public and private sectors, with MOBILIST’s involvement further strengthening UK-Philippines climate action partnerships.
CREC, the second-largest solar energy generator in the Philippines, currently operates ten solar projects with a combined installed capacity of 285.1MW. The funds raised from the IPO will be used to expand CREC’s renewable energy portfolio, including the construction of solar energy plants and battery energy storage systems. The company is poised to significantly boost the country’s renewable energy capacity, aiming to develop 1GW of solar energy annually over the next five years.
The investment aligns with the Philippine government’s target of USD 120 billion in renewable energy investments by 2040 to unlock the country’s energy potential. CREC’s 20-pipeline solar and wind projects are expected to reduce carbon emissions by 3.3 million tons over the next three years.
MOBILIST’s involvement in CREC’s IPO underscores the UK’s commitment to fostering sustainable development and supporting the Philippines’ energy transition efforts.
(Source: UK Gov website, Philippine Star)
