{"id":329868,"date":"2024-10-13T23:46:36","date_gmt":"2024-10-13T15:46:36","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=329868"},"modified":"2024-10-13T23:46:38","modified_gmt":"2024-10-13T15:46:38","slug":"trade-the-news-crec-taps-p1-22-billion-from-ipo-proceeds-for-solar-projects","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-crec-taps-p1-22-billion-from-ipo-proceeds-for-solar-projects\/","title":{"rendered":"Trade the News: CREC taps P1.22 billion from IPO proceeds for solar projects"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Citicore Renewable Energy Corp.<\/td><\/tr>
Stock Code<\/strong><\/td>CREC<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 3.26<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

Citicore Renewable Energy Corp. (CREC) is advancing its five-gigawatt (GW) renewable energy portfolio with P1.22 billion from its initial public offering (IPO) proceeds, as approved by its board of directors, the company announced on Wednesday.<\/p>\n\n\n\n

\u201cThe rationale for the early release of IPO proceeds is for CREC to ramp up its pipeline development for solar energy plants,\u201d the company told the stock exchange.<\/p>\n\n\n\n

The target release is subject to necessary approvals and documentation requirements, it said.<\/p>\n\n\n\n

In June, CREC listed on the Philippine Stock Exchange, raising P5.3 billion, which included a $12.5-million investment from the UK government\u2019s MOBILIST program.<\/p>\n\n\n\n

\u201cThe full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us close to our five-GW-in-five-years goal,\u201d CREC President and Chief Executive Officer Oliver Y. Tan previously said.<\/p>\n\n\n\n

The company is constructing eight power projects worth approximately one GW, underway to achieve its goal of five gigawatts of capacity by 2028.<\/p>\n\n\n\n

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.<\/p>\n\n\n\n

Currently, it has a combined gross installed capacity of 285 megawatts from its 10 solar power facilities in the Philippines.<\/p>\n\n\n\n

(News Source: Business World<\/a>)<\/em><\/p>\n\n\n\n

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This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-329868","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=329868"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329868\/revisions"}],"predecessor-version":[{"id":329870,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329868\/revisions\/329870"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=329868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=329868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=329868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}