Milbank LLP advised the underwriters and bookrunners in connection with the initial public offering of Citicore Renewable Energy Corporation (CREC), a leading pre-play renewable energy platform and the second largest solar energy generator in terms of installed solar capacity in the Philippines.
The proceeds from the IPO will be used to fund the company’s solar energy plants and battery energy storage systems. The IPO was supported by the UK government’s Mobilist Programme, which is focused on mobilizing public markets to catalyze new scalable and replicable financial products that support the United Nations’ sustainable development goals and net-zero transition.
"We are extremely grateful to have been involved in this important transaction for CREC, which is a significant milestone towards the Company's goal of contributing 5 gigawatts of renewable energy to the Philippines power supply by 2028. Given the continued volatility in the Asian equity markets, the success of the deal is a testament to CREC's management and their ability to execute major renewable energy projects in the Philippines," Milbank Global Capital Markets partner and Hong Kong office head James Grandolfo said.
The Hong Kong-based Milbank deal team was led by partner James Grandolfo and included associates Ari Singzon, Flora Wang and Julo Lim. Tax support was provided by partner Andrew Walker and associate Michelle Song in New York.
