CREC Effected the Block Sale of Common Shares from its Parent Company

Citicore Renewable Energy Corporation (CREC) has received notice from its parent company, Citicore Power Inc. (CPI) of its block sale of 153,741,000 common shares in CREC. The Company has effected a block sale as part of the conditions precedent in the previously disclosed acquisition of 20% stake in CREC by PT Pertamina Power Indonesia (PNRE).

The aforementioned acquisition will enable the Company to gain the opportunity to partner with PNRE in pursuing its 5GW project pipeline in the Philippines and to develop renewable energy projects in Indonesia, allowing for the Company’s potential expansion in the region. PNRE’s investment in CREC is a testament to the company’s track record and ability to ramp up its renewable energy pipeline from pre-development to construction to commercial operations.

​Furthermore, the block sale transaction was made to ensure that the Company remains compliant to the 20% minimum public float requirement of the Exchange upon the entry of PNRE.

CPI likewise gave notice to the Company regarding the Exchange’s corresponding approval of the block sale application filed with the Exchange.

PT Pertamina Power Indonesia (Pertamina NRE) is a subsidiary company fully owned by Pertamina, Indonesia's state-owned energy corporation, and is specifically responsible for managing all power generation and new & renewable energy development, focusing on gas-based power generation, geothermal energy, and other renewable energy sources like solar and wind power and also green business like nature-based solutions and carbon business.

Citicore Renewable Energy Corporation (CREC) is a wholly-owned subsidiary of Citicore Power, Inc (CPI). CREC is a publicly-listed, leading pure renewable energy developer and operator of solar, hydro, and wind energy platforms in the country.

CREC currently operates a total of ten (10) solar power facilities with total aggregate capacity of 285 MWdc strategically located across the country.

The company also ventured into the development of run-of-river (ROR) hydro in Ilaguen, Isabela. It has secured wind energy service contracts for at least seven off-shore wind projects.

CREC also has over 5 Gigawatts of project pipelines in varying stages of development.

CREC is the first AgroSolar-Social renewable energy generating company in the Philippines that responsibly harnesses sun and land resources through its pioneering Agrivoltaic technology, providing additional livelihood to the community.