On January 30, Citicore Energy REIT Corp. (CREIT or the Company), the country’s first renewable energy (RE) REIT and largest RE landlord, received its Permit to Sell for its maiden ASEAN Green Bond Offering from the Securities and Exchange Commission.

The fixed rate bonds, scheduled to be issued on and listed at the Philippine Dealing and Exchange on February 10, 2023, will bear a coupon rate of 7.0543% and be due in February 2028. Earlier, the Issuer and the Issue received a rating of PRS Aa+ with Stable Outlook from the Philippine Rating Services Corporation (PhilRatings), signifying its strong capacity to meet its financial obligation.

SB Capital and Investment Corporation and PNB Capital and Investment Corporation acting as the transaction’s joint local underwriters, issue managers, bookrunners, and selling agents.

The proceeds of the offering are earmarked for the development of a solar rooftop system project and acquisition of land parcels with an estimated area of 5,000,000 square meters. The land parcels, located in Batangas, will be leased out to solar power generators and operators affiliated with Citicore Renewable Energy Corp. (CREC) – CREIT’s sponsor. These units have secured Solar Energy Service Contracts from the Department of Energy to construct three utility-scale solar plants, with a total projected generation capacity of 269MWdc and form part of CREC’s expansion pipeline.

“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,” added Oliver Tan.