CITICORE Renewable Energy Corp. (CREC) is looking at capital expenditures of around P35 billion this year to fund several solar projects.

"Our capex for this year is approximately P35 billion. Majority of that will be used for our projects," Citicore President and CEO Oliver Tan told reporters on Wednesday.

All of the projects under an initial target of one gigawatt (GW) in generation capacity are already under construction, he added.

"We're looking at 10 sites that are already under construction," Tan said.

"There are four in Batangas, one in Pampanga, two in Quezon province, two in Pangasinan, and one in Negros."

Solar panels, transformers, and inverters for the targeted capacity have all been procured, with only site development and equipment installation yet to be done.

"We expect to deliver all these by this year, 2024," Tan said.

Citicore will secure funding for its projects from an initial public offering this March.

It is set to offer to the public up to 2.9 billion common shares at a maximum price of P3.88 per share, with an additional 435 million outstanding common shares for overallotment.

The company expects to raise more than P10.71 billion from the primary offer and up to P12.9 billion if the overallotment is fully exercised.

Listing of the shares on the stock exchange's main board is set for March 15, 2024.