Citicore using REIT proceeds for 15 solar farms

citicore bataan solar farm

Citicore Power, Inc. (CPI) is eyeing to invest the proceeds from its energy-focused real estate investment trust (REIT) offering for its 15 projects in Luzon.

Based on a Business World report, CPI President Oliver Tan said the proceeds will be used to build new solar plants with 1,500 megawatts (MW) of solar pipeline projects. The renewable energy company is hoping to raise Php8 billion to Php10 billion, as it targets to have the offering in September or October. 

Citiore said it has 15 locations spread across Luzon with an average of 100MW of capacity per location. The firm aims to reach the 1,500MW target by 2025.

Tan said the construction of the first 72MW Arayat-Mexico solar farm joint venture with AC Energy in Pampanga is ongoing. The project will have two phases that would total 100MW.

The firm will also develop a 60-70MW project also in Central Luzon and a 150MW in CALABARZON.

CPI currently owns and operates eight solar farms with a total capacity of 163MW in Bulacan, Clark, Cebu, Bataan, South Cotabato, Tarlac, and Negros Occidental.

Tan said all of the company’s eight projects will be included as initial assets of the energy REIT.

He added that they are looking at a potential asset value of between Php15 billion and Php20 billion and they target to sell 40% of the REIT company to the public.

Citicore expects to become the Philippines’ largest solar power provider once it has completed the development of the Arayat-Mexico solar farm project.


Photo from Citicore website.