Megawide affiliate CREIT to launch P4.5B worth of ASEAN green bonds

Citicore Energy REIT Corp., the country’s first energy real estate investment trust, plans to raise as much as P4.5 billion from the issuance of ASEAN green bonds to fund its solar-related ventures.

The base offer comprises P3 billion, with an oversubscription option of up to P1.5 billion.

CREIT said its board also approved the execution of any and all agreements and documents necessary for the acquisition of the multiple solar rooftop systems and various real estate properties suitable for utility scale solar power plants.

The offering is subject to the approval of the Securities and Exchange Commission and the Philippine Dealing and Exchange Corp.

CREIT’s net income grew more than five-fold to P601 million from January to June this year, largely due to rental income from its renewable assets leased to solar plant operators.

CREIT president and CEO Oliver Y. Tan earlier expressed confidence that the company would be able to sustain its strong earnings growth with the infusion of additional assets which will eventually translate into higher dividends to its investors over the long term.

DOE raises RE utilization percentage for on-grid areas

The Department of Energy (DOE) has increased the percentage of the utilization of renewable energy for on-grid areas from one percent to 2.52 percent in line with the administration’s goal of transitioning towards a sustainable and clean energy future.

DOE raises RE utilization percentage for on-grid areas

The Department of Energy (DOE) has increased the percentage of the utilization of renewable energy for on-grid areas from one percent to 2.52 percent in line with the administration’s goal of transitioning towards a sustainable and clean energy future.