Citicore Renewable Energy Corp. (CREC) has secured board approval for early access to P1.2228 billion from its initial public offering (IPO) proceeds as it races to become the largest purely renewable energy player by 2028.

In a stock exchange filing on Wednesday, CREC said the release of the funds is subject to additional approvals and documentation.

The funds will help support its goal of contributing 1,000 megawatts (MW) of solar capacity annually over the next five years, totaling 5,000 MW by 2028. To date, the company has 285 MW of installed capacity.

CREC, which raised P5.3 billion from its IPO in June, is the third company to list on the stock exchange this year and the third under businessman Edgar Saavedra's leadership.

The IPO proceeds are crucial to the company’s efforts to become a powerhouse in the renewable energy sector.

“We are entrepreneurs. We are not only visionaries, but we are also bold entrepreneurs. Therefore, we have bold ambitions,” CREC President Oliver Tan previously told reporters.

“The goal is to become the largest, if not one of the top three, power generation companies in the Philippines, not only as a solar developer but also as a power generation company,” he added.

Last month, CREC secured Certificates of Energy Projects of National Significance (CEPNS) for 13 projects with a combined capacity of 800 MW. The projects were awarded through the Department of Energy’s Green Energy Auction Program 2 in July 2023.

The projects include 430 MW of ground-mounted solar and 362 MW of onshore wind developments across eight provinces: Pangasinan, Bataan, Pampanga, Batangas, Quezon, Camarines Sur, Iloilo, and Negros Occidental.

The CEPNS, established under Executive Order 30 of 2017, aims to fast-track regulatory procedures for energy projects critical to national development, including permits, which must be processed within 30 days.

If no action is taken within five working days of the deadline, the permits are automatically approved.