Citicore Energy REIT Corporation (CREIT) is upping its asset portfolio by acquiring Php2.51 billion worth of properties in Bulacan and South Cotabato for the development of solar farms.
Using the proceeds from its initial public offering last month, CREIT will be acquiring 253,880 square meters of land in San Ildefonso, Bulacan for Php1.75 billion. The said land is home to a 15-megawatt direct current (MWdc) solar plant owned by Citicore Solar Bulacan, Inc.
CREIT is also purchasing 79,997 sq.m. of land in South Cotabato for Php753 million. It currently is the site of a 6.23MWdc solar farm owned by Citicore Solar Cotabato, Inc.
With the acquisition, CREIT will be generating a leasing income for 25 years, contributing 21% to the company’s total lease revenues. This brings a total operating capacity of 145 MWdc to the firm’s portfolio.
Meanwhile, Citicore Renewable Energy Corporation (CREC) – CREIT’s sponsor – is looking at a five-year plan to ramp up its capacity to 780MWdc by 2025. CREC has recently completed its 6.5MWdc rooftop PV systems in the Freeport Area of Bataan. It is also finishing the first phase of its 72-megawatt solar farm in Arayat and Mexico in Pampanga – a joint venture with Ayala-led ACEN. These projects will be infused into CREIT upon completion, commissioning, and commercial operations.
