Citicore Renewable Energy Corp.
PPSE:CREC4.46
PHP
-0.07
(-1.55%)
ISIN
PH0000058844
CUSIP
000005884
Return %
Stock
S&P 500
1Y
2.53
14.20
3Y
- -
81.12
5Y
- -
68.34
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.Company Description
- CEO
- Oliver Y. Tan
- Full Time Employees
- 277
- Sector
- Industrial services
- Industry
- Engineering & construction
- Address
- San Juan City Philippines
- IPO Date
- Jun 7, 2024
- Website
- crec.com.ph
- Similar Companies
- Business
- Citicore Renewable Energy Corp. is a Philippines-based pure-play renewable energy developer, independent power producer, and retail electricity supplier. The company engages in the end-to-end development, engineering, construction, commissioning, operation, and maintenance of clean power generation assets across the Philippines. Its primary product and service offerings comprise utility-scale solar photovoltaic power generation; solar-plus-storage and baseload solar solutions integrating battery energy storage systems (BESS); onshore and offshore wind energy development; run-of-river hydroelectric power projects; agrivoltaic dual-use land systems under its proprietary AgroSolar initiative, combining solar power generation with commercial agricultural production; retail electricity supply (RES) services delivering power to contestable commercial and industrial customers; wholesale electricity spot market (WESM) trading; and long-term power purchase agreements (PPAs) for corporate, utility, and cooperative off-takers. Citicore Renewable Energy Corp. operates a nationwide portfolio of operational plants and pipeline projects spanning Luzon, the Visayas, and Mindanao. The company operates as a subsidiary of Citicore Power, Inc. and is affiliated with Megawide Construction Corp. within the broader Citicore-Megawide Group. It also acts as the sponsor and primary operating partner of Citicore Energy REIT Corp. (CREIT), the first renewable energy real estate investment trust listed on the Philippine Stock Exchange. In June 2024, Citicore Renewable Energy Corp. completed its initial public offering on the Philippine Stock Exchange under the ticker CREC to finance its multi-gigawatt expansion pipeline. In recent developments, PT Pertamina Power Indonesia acquired a 20% strategic equity stake in the company to pursue joint capital deployment, supply chain synergies, and regional market expansion. The company formed a joint venture with Levanta Renewables to develop onshore wind farms with a combined capacity of 375 megawatts, secured a joint venture agreement with SMC Global Light and Power, and entered into power supply agreements with major commercial enterprises, including SM Prime Holdings. Operationally, the company energized the first solar baseload plant in the Philippines utilizing integrated battery storage in Batangas and pioneered embedded solar projects with regional electric distribution cooperatives, including Pampanga I Electric Cooperative and San Jose City Electric Cooperative. To support its accelerated capital expenditure program, the company secured major debt financing facilities from domestic financial institutions, including Land Bank of the Philippines, Security Bank, Bank of the Philippine Islands, and Rizal Commercial Banking Corporation. Citicore Renewable Energy Corp. was incorporated in 2018 and is headquartered in San Juan City, Metro Manila, Philippines.