MANILA, Philippines – Citicore Renewable Energy Corporation (CREC) raised P5 billion from a share sale to SM Investments Corporation (SMIC) in a bid to jointly construct and finance several solar farms in the country.

CREC and its subsidiary, Citicore Solar Tarlac 1, sold their 28.79% interest in Citicore Energy REIT Corporation (CREIT) to SMIC. A total of 1.88 billion shares were sold at P2.65 apiece.

Proceeds from the sale will be used to further develop CREC’s solar power projects with a total capacity of 1,583 megawatts across eight locations nationwide. 

“We believe that the SM group’s entry and investment into CREIT and the partnership with CREC unlocks potential synergies given the energy requirements of the SM group,” CREC president and chief executive officer Oliver Tan said in a stock exchange filing on Wednesday, March 27.

CREC is still CREIT’s single largest stakeholder with a 32.88% stake. 

“As part of our group-wide sustainability agenda to prioritize environmental responsibility and support a low-carbon economy, we are investing in CREIT to increase SM’s footprint in the renewable energy sector,” said SMIC president Frederic DyBuncio. – Rappler.com