C00472-2025

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jan 27, 2025
2. SEC Identification Number
CS201807415
3. BIR Tax Identification No.
010-007-383-000
4. Exact name of issuer as specified in its charter
Citicore Renewable Energy Corporation
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
11F Rockwell Santolan Town Plaza, 276 Col. Bonny Serrano Avenue, San Juan City Postal Code 1500
8. Issuer's telephone number, including area code
0288265698
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 8,928,572,143
11. Indicate the item numbers reported herein
Item 9. Other Events

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Citicore Renewable Energy CorporationCREC

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification re: the news article posted in ManilaStandard.net
Source ManilaStandard.net
Subject of News Report CREC, SMC set to build 153-MW Bataan solar farm
Date of Publication Jan 26, 2025
Clarification of News Report

We write in connection with the correspondence posted in PSE EDGE requiring Citicore Renewable Energy Corporation (“CREC” or the “Company”) to clarify and/or confirm the information quoted in the below news article, including, but not limited to, the following:

1. The ground-breaking of the 153.5 MW solar project targeted in the first half 2025;
2. The estimate construction timetable to span one year;
3. The estimate cost to reach Php6 billion with a 70-30 split of debt and equity in financing;
4. The relevant details of the foregoing; and
5. The effect of the same on the Company’s business and operations.

The news article entitled "CREC, SMC set to build 153-MW Bataan solar farm" posted in ManilaStandard.net on January 26, 2025, reported that:

“Citicore Renewable Energy Corp. (CREC) and partner San Miguel Global Light and Power Corp. (SGLP) plan to start the construction of a 153.5-megawatt solar power project in Barangay Lucanin, Mariveles, Bataan in the first quarter of 2025.

‘We’re doing na the design already. So, target to break ground may be first quarter this year,’ CREC president Oliver Tan said.

Tan said construction is expected to take a year, with completion targeted by early 2026, with the San Miguel Group as offtaker of the electricity produced by the solar plant.

He said while this is the first joint venture of the two companies, they are hoping for a continuing partnership for more projects in the future.

‘We hope that if successful, both parties are happy, we hope that it will continue to the next and the next,’ Tan said.

Construction is expected to cost around P6 billion based on industry estimates, and the joint venture is looking at a 70-percent project financing and 30-percent equity funding for the project.

. . . .”

Further to the Company’s disclosures posted on July 1, 2024 and on January 21, 2025 regarding the joint venture and the Company’s capex, CREC would like to give clarify on the information in the above-quoted news article, as outlined below:

1. The Company would like to confirm that the ground-breaking of the 153.5 MW solar project, a joint venture with SMC Global Power is targeted in the first quarter of 2025 or as soon as the engineering design and pre-development plans are completed;

2. The Company estimates the construction timetable is typically one year, but may span up to 15 months, depending on terrain and ground conditions;

3. The article mentions “cost to reach Php6 billion based on industry estimates”, the Company has not given project cost estimates as it is still currently finalizing its design plans. The Company can confirm that said project will be funded via project finance using a 70-30 debt and equity ratio, with the equity component shared between the JV partners based in their respective pro-rata sharing;

4. The above solar project forms part of the Company’s project pipeline in line with is 5GW in 5 years road map.
Other Relevant Information

Please refer to the attached SEC Form 17C and clarification letter.
Filed on behalf by:
Name Steven Sy
Designation Corporate Legal Counsel