The Citicore Energy REIT Corporation (CREIT) has completed the acquisition of a property in South Cotabato amounting to Php 753.8 million.
In a disclosure to the Philippine Stock Exchange (PSE), the renewable energy company, through its unit Citicore Solar South Cotabato Inc., was able to acquire 79,997 square meters of land in the Municipality of Surallah, in the South Cotabato province.
The property acquired is home to the company’s 6.23 megawatt-peak solar power plant.
“Immediately after the execution of the deed of absolute sale (DOAS), CREIT and Citicore South Cotabato executed a lease agreement for a term of 25 years,” CREIT said in its disclosure.
Last March, the company also acquired 253,880 sq. meters of land, which hosts its 15 MWp solar power plant, in Barangay Pasong Bangkal in San Ildefonso, Bulacan under the Unit Citicore Solar Bulacan Inc worth. Php 1.75 billion.
“The two properties will contribute 21% to CREIT’s total lease revenue and bring total operating capacity of all its tenants to 145MWdc from CREIT’s pre-initial Public Offering capacity of 124MWdc,” the company said.
CREIT’s power revenue stream will no longer apply to its financials beginning this year following the contract of the Clark Solar plant to Citicore Renewable Energy Corporation. This move is part of CREIT’s real estate investment trust (REIT) formation transaction.
CREIT debuted on the Philippine Stock Exchange in February. Proceeds from its initial public offering (IPO) will be used to acquire properties in Bulacan and South Cotabato for the development of solar farms.