Citicore Energy REIT Corp. (Creit) announced plans to acquire 250 megawatts (MW) of solar assets from its sponsor, Citicore Renewable Energy Corp. (CREC), by year-end, reinforcing its strategy to grow its sustainable energy footprint.
Creit president Oliver Tan said the real estate investment trust is waiting for the successful commissioning of the assets, which are located on Creit’s existing landbank, before finalizing the transaction. The acquisition is expected to bolster Creit’s income-generating portfolio, enhance dividend yields, and increase overall asset value.
Creit’s assets consist entirely of land used for operational and under-construction solar development, totaling 7.1 million square meters with full occupancy. The firm reported a weighted average lease expiry (WALE) of 20.44 years as of end-2024.
For 2024, Creit distributed dividends totaling P0.202 per share, exceeding the minimum 90 percent payout required under REIT regulations. The company attributes this performance to its stable asset base and strategic alignment with the Citicore Group’s renewable energy goals.
Chairman Edgar Saavedra emphasized the firm’s unique investment model focused on land assets for renewable projects, positioning Creit as a leading vehicle for sustainable infrastructure investment in the Philippines.
With a three-year strategic plan extending through 2027, Creit aims to continue acquiring land for clean energy development, catering to investors seeking stable returns and environmental impact.
