Citicore Energy REIT Corp. (CREIT) is reinforcing its position as the country’s leading renewable energy real estate investment trust, announcing plans to acquire 250 megawatts (MW) worth of solar assets by the end of 2025. The goal, unveiled during the company’s 2025 Annual Stockholders’ Meeting, builds on a year marked by strong financial performance, full occupancy across all assets, and expanded sustainability programs.

During the Q&A portion of the meeting, President and CEO Oliver Tan confirmed that CREIT is on track to acquire a new batch of solar assets from its sponsor, Citicore Renewable Energy Corp. (CREC), before the year ends.

“Yes, the company has planned to acquire new solar operating assets from its sponsor, CREC. We are targeting to complete the acquisition on or before year-end,” Tan said.

“As mentioned, we are aiming to acquire the first batch of approximately 250 megawatt worth of new solar on or before year-end. We’re waiting for the successful commissioning of these plants and also securing necessary regulatory approvals.”

These assets are part of CREC’s broader 5-gigawatt pipeline, which positions CREIT for continued growth and income stability. The new acquisitions are expected to enhance dividend yields and increase portfolio value, further reinforcing CREIT’s investment case.

In 2024, CREIT posted PHP1.9 billion in revenues, a 5% increase from the previous year. Net income reached PHP1.4 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at PHP1.8 billion. These gains were largely driven by the 2023 acquisition of seven land parcels totaling over 5.1 million square meters, enhanced lease terms, and a 48% increase in variable lease revenues.

All 14 of CREIT’s assets—comprising over 7.1 million square meters of gross leasable space—achieved 100% occupancy throughout the year. The weighted average lease expiry was recorded at 20.44 years, far exceeding industry norms.

Dividend payouts also reached new highs. CREIT declared a total of PHP0.202 per share for 2024, with a consistent PHP0.049 per share for the first three quarters and PHP0.055 in the fourth quarter. This exceeded the 90% minimum distribution threshold under the REIT law and marked the company’s highest annual dividend since its 2022 listing.

Beyond financial metrics, CREIT received multiple accolades in 2024 that highlight its commitment to transparency and sustainability. The company earned the Best Green Bond Award at the ASET AAA Awards for Sustainable Finance, received its first Golden Arrow from the Institute of Corporate Directors, and was recognized in the FinanceAsia poll.

These recognitions reflect CREIT’s broader ESG goals. The company continues to support host communities through Citicore Group-led initiatives, including the AgroSolar Initiative, medical missions, and educational support programs.

CREIT’s new three-year strategic plan (2025–2027) focuses on acquiring more land for renewable energy development. This forward-looking strategy ensures alignment with CREC’s project pipeline and positions CREIT to remain a critical enabler of the country’s clean energy transition.

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