Ed Saavedra’s CREIT green bonds fetch 7.05% coupon rate

The country’s first renewable energy real estate investment trust, Citicore Energy REIT Corp. (CREIT), has set the interest rate for its ASEAN green bonds at 7.0543 percent.

CREIT said the bonds due February 10, 2023 would be due in February 2028.

The bonds were assigned a rating of PRS Aa+ with Stable Outlook by the Philippine Rating Services Corporation (PhilRatings), signifying its strong capacity to meet its financial obligation.

The offer period for the bonds kicked off Tuesday and would run until Friday (February 3) with SB Capital and Investment Corp. and PNB Capital and Investment Corp. acting as the joint local underwriters, issue managers, bookrunners, and selling agents.

Proceeds from the offering will be used to bankroll the development of a solar rooftop system project and acquisition of land with an estimated area of five million square meters.

The land parcels, located in Batangas, will be leased out to solar power generators and operators affiliated with Citicore Renewable Energy Corp. (CREC) – CREIT’s sponsor.

These units have secured Solar Energy Service Contracts from the Department of Energy to construct three utility-scale solar plants, with a total projected generation capacity of 269MWdc. These facilities will form part of CREC’s expansion pipeline.

Vinny Marcos joins judges’ roster for Bb Pilipinas 2023

The youngest son of President Ferdinand Marcos Jr. is slowly becoming a familiar fixture in society events, a year since the administration began.
The youngest son of President Ferdinand Marcos Jr. is slowly becoming a familiar fixture in society events, a year since the administration began.

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