Citicore Energy REIT gets greenlight to sell ASEAN Green Bond

The proceeds will fund rooftop solar development. 

Philippine-based Citicore Energy REIT Corp. (CREIT) has received permit to sell its maiden ASEAN Green Bond Offering from the Securities and Exchange Commission. 

CREIT, the first renewable energy REIT in the Philippines, plans to use the proceeds to fund the development of rooftop solar and the acquisition of land parcels with an estimated area of 5 million square metres. 

The land parcels are located in Batangas province. It will be leased to solar power generators and operators affiliated with Citicore Renewable Corp. 

Read more: Philippines considers nuclear as a solution to potential baseload power crisis

“After opening the doors to a new REIT asset class in 2022 focused on RE, we want to show our existing and potential investors, and all stakeholders that we are committed to continuously provide them with green and sustainable investment options,” CREIT President and CEO Oliver Tan said. 

“We constantly explore and prioritize investment alternatives that would allow us to accelerate CREIT’s growth trajectory and green asset portfolio, to enable us to reward our shareholders with greater value,” Tan added.