Based on industry chatter, the target is Citicore Renewable Energy Corp., the renewable energy firm backed by tycoon Edgar Saavedra.
The accumulation pattern suggests the fund is serious about building a sizeable stake, with steady and consistent buying.
It may not yet be at levels requiring a stock exchange disclosure, but traders say it's starting to get noticed.
The fund, known for taking positions across major Philippine corporations, appears to be taking advantage of weak market sentiments.
These shares are secondary, meaning there's no new money entering CREC itself, but the move is still being read as a vote of confidence in the emerging power giant’s strategy.
CREC is already among the stronger-performing clean energy stocks on the Philippine Stock Exchange, with shares up more than 20 percent over the past year.
The bigger play, of course, is the company’s ambitious expansion plans as power demand and energy security become prominent themes in the Philippines.
Under CEO Oliver Tan, CREC has become one of the industry’s fastest execution stories. As of 2025, it had 14 solar plants and 597.2 megawatts of capacity, and the race is still on to reach its 5-gigawatt target.
While many of its peers rely on a single backer, Saavedra’s team has built a relatively diversified investor base.
Indonesia’s state-owned energy giant PT Pertamina Power Indonesia owns a 20 percent stake, while the United Kingdom’s MOBILIST fund continues to hold its minority position acquired before the company’s 2024 initial public offering.
Finally, Saavedra’s Megawide Construction owns almost 10 percent of CREC, which can provide flexibility should this incoming whale want a bigger piece.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
