Citicore Energy REIT Corp. (CREIT) said it is aiming to complete the acquisition of 250 megawatts (MW) of solar assets from its sponsor, Citicore Renewable Energy Corp. (CREC), by the end of 2025.
The acquisition is part of its ongoing efforts to expand its renewable energy portfolio, it said.
Speaking at the company’s annual shareholders meeting on Monday, CREIT President Oliver Tan said the acquisition will proceed once the solar assets are successfully commissioned. The land on which these assets are located has already been transferred to CREIT’s landbank.
“This acquisition further strengthens our investment case by boosting our dividend yield and enhancing overall portfolio value,” Tan said.
CREIT currently owns 7.1 million square meters of land for completed and under-construction solar projects, maintaining 100-percent occupancy year-round. As of end-2024, CREIT posted a weighted average lease expiry (WALE) of 20.44 years–reflecting long-term income stability.
For 2024, the company paid P0.202 per share in dividends, surpassing the 90 percent payout requirement under the Real Estate Investment Trust (REIT) law. This includes a P0.049 per share quarterly dividend for the first three quarters, and P0.055 in the fourth quarter.
CREIT chairman Edgar Saavedra highlighted the long-term value of the company’s land assets, saying they are well-positioned to support further renewable energy developments and remain attractive to investors.
The 250 MW of solar assets form part of CREC’s initial 1-gigawatt (GW) batch of solar projects, aligned with its five-year goal of developing 5 GW of solar capacity.
“Once these facilities go online, we expect CREIT to grow in tandem with CREC, reinforcing our value-accretive strategy,” Tan said.
In a separate meeting, Tan noted that CREC’s vertically integrated model positions it to advance new projects to ready-to-build status more efficiently.
The company is also in the process of integrating Battery Energy Storage Systems (BESS) into its solar developments to enhance grid reliability and energy output.
