Unlocking the potential of solar power: Saavedra eyes P10B from PH's first energy REIT IPO

Unlocking the potential of solar power: Saavedra eyes P10B from PH’s first energy REIT IPO

Megawide Construction Corp. is looking to monetize its solar power assets to raise funds to expand its portfolio in its bid to become one of the country’s leading renewable energy producers.

The Philippine Daily Inquirer reported that Megawide was considering taking its affiliate, Citicore Power Corp. public to raise between P8 billion and P10 billion in the country’s first-ever energy real estate investment trust listing.

A renewable energy REIT is a company that invests in energy-related businesses.

The IPO, targeted in October this year, is in line with Citicore’s goal to become the largest solar power producer in the country, said company president Oliver Tan.

Citicore aims to boost its portfolio to 1,5 MW by 2025 from the present 163 megawatts from its eight solar plants.

It earler inked a deal with Shell Energy Philippines to supply up to 20 megawatts of solar power through its facility in Bataan.

Citicore earlier partnered with AC Energy to build a 50 megawatt solar farm in Arayat and Mexico, Pampanga. The plant is slated to be operational by November.

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