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Citicore to accelerate capacity expansion in 2023 

Posted on November 1, 2022

CITICORE Renewable Energy Corporation (CREC) – the sponsor of the country’s first renewable energy-themed REIT Citicore Energy REIT Corp. (CREIT) – is ramping up its capital investments in this space to help boost the country’s green energy supply and support the new government’s energy-sufficiency agenda.   


While increasing costs of capital and borrowings, as well as raw material inputs, have discouraged expansion activities from most players this year, CREC will be embarking on its aggressive growth program starting next year.   


“CREC is planning to ground break at least three solar plant projects, with an aggregate  capacity of 570 megawatts in 2023 – 270 megawatts in the first half and another 300 megawatts in the second semester,” CREC Chief Executive Officer and President Oliver Tan, said.   


For its part, CREIT is looking to acquire land that will increase its portfolio to more than 700 hectares from almost 200 hectares currently, cementing the company’s position as the largest landlord of solar farms in the country.  “CREIT is eyeing approximately 500 hectares of land across the Philippines that will be leased out to solar power operator tenants. ” Tan bared.   


CREIT recently filed its Registration Statement with the Securities and Exchange Commission for the issuance of its maiden ASEAN Green Bonds, with a base offer of Php3.0 billion and an oversubscription option of up to Php1.5 billion. The proposed CREIT Bonds received an AA+ rating with Stable Outlook from the Philippine Rating Services Agency, proceeds of which will be used for acquiring various parcels of land to be leased out to solar plant operators.  


“Even on a zero or slow organic power demand growth scenario, replacing the requirement from existing fossil fuel users who wish to shift to solar power will be a sizeable market for renewable energy players to fill,” he concluded.  


Citicore Power Inc., including its subsidiaries CREC and CREIT, is a community-focused renewable energy company that responsibly harnesses nature’s resources to fuel long-term value and empower Filipino communities through positive energy.