The UK’s MOBILIST programme is supporting Philippine energy transition through its investment in Citicore Renewables (CREC)
The UK government’s MOBILIST programme is supporting the Philippines in its transition to renewable energy through an investment in the initial public offering (IPO) of Citicore Renewable Energy Corporation (CREC) on The Philippine Stock Exchange, Inc. (PSE).
MOBILIST invested alongside several private sector investors to take up 22% in CREC shares, with the total IPO valued at approximately $86 million. CREC is the first renewable energy generator to list on the PSE this year. In July 2023, MOBILIST and the PSE established a partnership to ensure greater investment in sustainable development in the Philippines via products listed on the PSE.
CREC is the second-largest solar energy generator in the Philippines in terms of installed solar capacity[1], and had ten operating solar projects with a combined gross installed capacity of 285.1MW as of 31 December 2023. The company estimates that its 20 pipeline solar and wind projects, in various stages of advanced development and ready-to-build/under-construction phases, will reduce carbon emissions by an aggregate of approximately 3.3 million tons upon completion over the next three years. CREC will utilise the listing proceeds to fund capital expenditures and pipeline development for solar energy plants and battery energy storage systems, among others. According to the Philippine Department of Energy, the Philippines needs US$120 billion in investment by 2040 to realise its untapped renewable energy potential.
His Majesty’s Ambassador to the Philippines, Laure Beaufils, said:
Oliver Y. Tan, President and CEO of CREC, said:
MOBILIST is an intervention under the wider British Investment Partnership (BIP), the initiative by which the UK will deliver packages of finance and technical assistance to support infrastructure development and green transition in the Philippines and across the Southeast Asia region. BIP has backed investments of £32 million in hydro and solar projects in the Philippines and has seen private investments in biomass of $350 million.
Ross Ferguson, FCDO MOBILIST Programme Lead, says:
Ramon S. Monzon, President and Chief Executive Officer at PSE, says:
About Citicore Renewable Energy Corporation
Citicore Renewable Energy Corporation (CREC) is a leading pure-play renewable energy platform committed to the development and operation of solar, hydro, and wind projects in the Philippines. CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, engages in power project development operations, and engages in retail electricity supply. CREC is also the sponsor of the Philippines’ first renewable energy real estate investment trust, Citicore Energy REIT Corporation. For more information, please visit www.crec.com.ph.
About the Foreign Commonwealth & Development Office
The Foreign, Commonwealth & Development Office (FCDO) pursues the UK’s national interests and projects the UK as a force for good in the world. We promote the interests of British citizens, safeguard the UK’s security, defend our values, reduce poverty and tackle global challenges with our international partners.
https://www.gov.uk/government/organisations/foreign-commonwealth-development-office
About MOBILIST
A flagship UK government programme, MOBILIST supports investment solutions that help deliver the climate transition and the United Nation’s Global Goals in developing economies. MOBILIST focuses on mobilising institutional capital to spur new scalable and replicable financial products. MOBILIST invests capital, delivers technical assistance, conducts research and builds partnerships to catalyse investment in new listed products. www.mobilistglobal.com.