Citicore Renewable Energy Corporation (Citicore) has announced plans for an initial public offering (IPO) to help fund USD4 billion worth of renewable energy (RE) projects till 2028 in the Philippines. The IPO is expected to be announced in Q2 of 2023 and will be completed by the end of 2023.

Out of the total proceeds from the offering, around USD800 million will be invested during 2023 to increase generation capacity from 241MW to 1GW. Over the next five years, capacity will be increased to 5 GW.

Citicore currently has seven offshore wind projects in the pipeline, with a combined capacity of 3 GW.