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Citicore Renewable sets 2023 capital spending at $800 million

CITICORE Renewable Energy Corp. (CREC) said it expects to spend around $800 million for capital expenditure (capex) projects this year to further expand its renewable energy ventures, its top official said.

“For CREC, our capex for this year for our target of 1 gigawatt (GW) is around $800 million,” Oliver Y. Tan, president and chief executive officer of CREC, the parent company of listed Citicore Energy REIT Corp., told reporters on Friday.

Mr. Tan said that CREC is aiming to build 5 GW of renewable energy (RE) projects in the next five years, with at least 1.5 GW targeted for development in 2023.

He said that the company’s portfolio will be divided into short, medium, and long-term projects, which will include solar, run-of-river hydropower, and offshore wind projects.

“For our near term, we [will] focus on solar but we started the construction of our first run-of-river [hydropower project] and if you look at our portfolio, we actually have wind projects,” Mr. Tan added.

Mr. Tan said CREC’s short-term projects are set for a period of three to five years.

“Solar is a peaking plant but if complemented with hydro or wind, plus battery energy, we will be able to cater to mid-merit or close to baseload,” he said, referring to a power plant whose output responds to fluctuating demand and one that continuously operates.

Mr. Tan said CREC’s run-of-river hydropower plant project in Ilagan, Isabela is expected to be completed within the next three years. It has a potential output of 19.7 megawatt-peak (MWp), which the company is planning to sell to Isabela Electric Cooperative, Inc.

He said the hydro project once completed by 2026 would be easy to expand “because the Ilagan River is very big. Once it is successful, we will expand the 19.7-MWp to three times that,” he said.

CREC has secured seven service contracts from the Department of Energy (DoE) for its offshore wind projects, with a potential output of 3 GW. Three of the service contracts are in north Luzon, two are in Guimaras, and another two are in Zambales, Mr. Tan said.

Mr. Tan said the renewable energy company is looking at foreign partners for its planned offshore wind projects.

Meanwhile, he said CREC is planning to go public this year to fund the needed investment for its projects in the next five years. He said the company is set to file documents for its initial public offering (IPO) in the second quarter and expects its listing to be completed this year.

However, Mr. Tan declined to disclose the size of the IPO but described that it will be a “blockbuster.”

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message that the equities market remains to be a more attractive avenue for fundraising as interest rates remain high. — Ashley Erika O. Jose

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