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Operational Structure

Operational Structure

The operational structure and the relationship of the Company, following the Listing Date is illustrated in the following diagram:

 

  

 

* The Fund Manager’s license application was approved by the Philippine SEC on January 11, 2022.

 

** The Company’s Leased Properties are those located in Armenia, Toledo, Silay and Dalayap. The Company also generates revenue from wholly-owned Clark Solar Power Plant.

 

*** The Company is Leasing Properties to Citicore Tarlac 1 (Armenia), Citicore Negros Occidental (Silay), Citicore Cebu (Toledo), and Citicore Tarlac 2 (Dalayap Property). The Lessees own and operate solar power plants on the Leased Properties. Further, the land lease rental rates for the Leased Properties comprise (i) a fixed base rental rate, calculated as [95]% of such lessee’s average historical net operating revenue for the past four fiscal years, and (ii) a variable rental rate equivalent to the incremental gross revenue earned by the lessee from any excess of its actual energy generation for the current fiscal year over its average historical energy generation for the past four fiscal years. See “Profit Projection—Assumptions—Revenues and Income—Revenue”. Citicore Cebu and Citicore Negros Occidental are wholly-owned subsidiaries of CPI, while Citicore Tarlac 1 and Citicore Tarlac 2 are wholly-owned subsidiaries of CREC.

 

**** CREC indirectly owns 100% of Citicore Bulacan through Citicore Solar Holdings, Inc., and indirectly owns 100 of Citicore South Cotabato through Sikat Solar Holdco Inc.

 

# Citicore Solar Bataan, Inc. (“Citicore Bataan”) (formerly Next Generation Power Technology Corp.), an Affiliate of the Sponsors, operates a solar power plant with an installed capacity of 18MWpDC in Bataan. Citicore Bataan pays Citicore Negros Occidental certain fees in relation to the sale of the output of Citicore Bataan, which will contribute to Citicore Negros Occidental’s net operating revenue and rental payment to the Company for leasing the Silay Property. See “Certain Agreements relating to the Company and the Properties – Management Agreement between Citicore Bataan and Citicore Negros Occidental.”

Citicore Energy REIT Corp. (C-REIT)is the country’s first energy REIT, focused on delivering excellent value and attractive returns to shareholders by responsibly harnessing nature’s resources and empowering communities. C-REIT operates as a REIT upon compliance with the Philippine REIT Law.

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