Citicore Renewable Energy Corp. said Thursday it is reducing the size of its planned initial public offering to P7.97 billion from an initial estimate of P12.9 billion.The reduction was largely due to SM Investments Corp.’s P5-billion investment in CREC’s real estate investment trust firm Citicore REIT Corp., according to a CREC official.Based on CREC’s latest prospectus posted on its website, it will now sell up to 1.785 billion common shares with an overallotment option for another 267.
It plans to use the proceeds from the offering to partially fund its capital expenditures and pipeline development for solar energy plants and battery energy storage system , as well as general corporate purposes.CREC has a pipeline of renewable energy projects in the Philippines in line with its goal of adding approximately 1 gigawatts of ready-to-build/under construction solar energy capacity each year through 2027.It has installed capacity of 285.