COMMUNITY-FOCUSED pure renewable energy company Citicore Renewable Energy Corporation leads the clean energy initiative in the Philippines, through its diversified asset portfolio in the solar, run-of-river hydropower and wind platforms.
Citicore Holdings Investment Inc. (CHII) has built a nearly P1-billion direct position in Citicore Renewable Energy Corp. (CREC) after acquiring more than 211 million shares in the renewable energy company.
In a stock exchange disclosure on Tuesday, CREC said CHII acquired 211.44 million common shares at P4.69 apiece on 25 August.
The transaction was valued at about P991.66 million based on the disclosed acquisition price.
Following the purchase, CHII holds 211.44 million CREC shares, equivalent to 1.89 percent of the company’s total outstanding shares.
The transaction gives CHII a direct stake in CREC, in addition to its existing relationship with the renewable energy company through the Citicore corporate structure.
CHII is the parent company of Citicore Power Inc., which in turn, is the parent company of CREC.
CREC did not disclose the seller of the shares or provide additional information on the purpose of the acquisition. CHII did not dispose of any shares as part of the transaction.
Early this month, CREC said it started building its third solar project in Pampanga, a 41-megawatt-peak facility in Magalang targeted for completion in the second half of 2027.
The company said Friday that the project, being developed in partnership with Pampanga 1 Electric Cooperative, will be equipped with a 53-megawatt-hour battery energy storage system.
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