British Ambassador Visits CREC’s Largest Solar Plant As UK Investment Boosts Philippine Renewable Energy

British Ambassador to the Philippines, Laure Beaufils, recently visited the construction site of Citicore Renewable Energy Corporation’s (CREC) largest solar power plant in Batangas. The plant, set to be the biggest in CREC’s portfolio, will be built in two phases over the next two years and is expected to significantly boost the Luzon Grid upon completion.

The visit follows the UK government’s investment in CREC’s initial public offering (IPO) on the Philippine Stock Exchange (PSE). This investment underscores the UK’s commitment to global sustainability goals and fostering strong international partnerships to support clean energy transitions in emerging markets like the Philippines.

The IPO, valued at approximately $86 million, saw investment from MOBILIST alongside other private sector contributors. CREC, the second-largest solar energy generator in the Philippines, currently operates ten solar projects with a combined installed capacity of 285.1 MW. The company’s 20-pipeline solar and wind projects are expected to cut carbon emissions by about 3.3 million tons over the next three years.

The proceeds from the IPO will fund capital expenditures and the development of additional solar energy plants and battery storage systems. The Philippine Department of Energy estimates that the country needs $120 billion in investments by 2040 to realize its renewable energy potential.

Ambassador Beaufils expressed enthusiasm about the UK-Philippines climate action partnership, stating, “I am thrilled to see this tangible demonstration of UK-Philippines climate action. Our $12.5 million investment in CREC will catalyze investments towards approximately 1 GW of additional solar energy capacity per year over the next five years, making clean, reliable, and affordable energy a reality for people in the Philippines.”

Oliver Y. Tan, President and CEO of CREC, highlighted the significance of the IPO, “We are honored to be the first IPO investment of MOBILIST in the Philippines. This landmark investment reflects the strong support and confidence of the UK in our energy transition plan.”

Ross Ferguson, FCDO MOBILIST Programme Lead, emphasized the impact of the investment, “MOBILIST is proud to advance our partnership with the PSE. CREC’s listing demonstrates that public markets can finance sustainable development at scale and play a crucial role in the energy transition in the Philippines and other emerging markets.”

Ramon S. Monzon, President and CEO of PSE, noted the milestone achievement, “We are pleased with MOBILIST’s first Philippine IPO investment and hope it paves the way for more businesses aligned with our sustainability agenda to receive funding and support.”

MOBILIST is part of the British Investment Partnership (BIP), an initiative delivering finance and technical assistance to support infrastructure development and green transitions in the Philippines and Southeast Asia. BIP has invested £32 million in hydro and solar projects in the Philippines and attracted $350 million in private investments in biomass.