ICCP sustains increased market presence in renewable energy offering

Maximizing opportunities from growing demand in energy and the global focus on sustainable energy sources, Investment & Capital Corporation of the Philippines continues to strengthen its market presence in the renewable energy industry through its participation as underwriter in two major offerings – the Solar Philippines Nueva Ecija (SPNEC) IPO last December 17, 2021 and in Citicore Energy Corp REIT (CREIT) IPO which took place last February 22, 2022.

SPNEC, the first company under the PSE Supplemental Listing and Disclosure Requirements for Renewable Energy offered 2.7 billion shares at the price of P1.00 per share. The proceeds of the IPO are to be used to complete the first 50 MW of the project and acquire land to expand the project beyond 500 MW, in support of SPNEC’s plan to develop the largest solar project in Southeast Asia.

Creating a new class of real estate investment trust (REIT) company in the Philippines, CREIT closed 11.37% higher from its offer price of P2.55 per share. Including the overallotment option, gross proceeds from the initial public offering amounted to P6.4 billion. CREIT is the country’s only renewable energy (RE)-focused REIT, with proceeds from the sale of primary shares to be used to buy property assets in Bulacan and South Cotabato which will be leased to solar power plants within the Citicore Group. Sale of secondary shares on the other hand, would all go to CREIT’s sponsor, Citicore Renewable Energy Corp., which is under the same ownership group of listed builder Megawide Construction Corp.

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