CITICORE Renewable Energy Corp. debuted on the Philippine Stock Exchange on Friday, having raised more than P5 billion from an initial public offering amid a warm reception from local and international investors.'CREC completed its offering of 1,785,715,000 common shares, with a 10 percent overallotment option of up to 178,572,000 secondary common shares, at a price of P2.70 per share,' the RE firm, member of the Saavedra-led Megawide group, said in a disclosure.
In a press conference after the IPO, CREC Chairman Edgar Saavedra said that solar energy was 'one of the technologies that can be built the fastest. It is also one of the cheapest in terms of tariff.''The world has changed significantly over the past few years, making solar a viable and essential component of the energy mix,' he added.
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