Citicore Energy REIT Corp., a listed real estate investment trust that focuses on renewable energy operations, said Monday it secured regulatory approval to issue up to P4.5 billion worth of unsecured, fixed-rate ASEAN green bonds.
The Securities and Exchange Commission has given Citicore the thumbs up to issue P3 billion worth of ASEAN green bond, with additional authority to issue P1.5 billion more in case of oversubscription.
The bond due 2028 will pay an interest rate of 7.0543 percent.
Citicore, which trades on the Philippine Stock Exchange under the symbol CREIT, will use the proceeds to acquire a rooftop solar project and buy 475 hectares of land that it will lease for solar farm operations.
Citicore is looking to expand its portfolio of renewable energy to 780 megaWatts by 2024 from the current 145 megaWatts combined installed capacity. Its gross leasable area is now at 198.7 hectares.
SB Capital and PNB Capital are the joint issue managers of the bonds.
