CREIT Kicks Off ₱4.5-B ASEAN Green Bond

Citicore Energy REIT Corp. (CREIT), the country’s first renewable energy (RE) real estate investment trust has set the coupon rate for its P4.5-billion maiden ASEAN Green Bond Offering.

Photo Insert: The proceeds of the offering are earmarked for the development of a solar rooftop system project and acquisition of land parcels with an estimated area of 5,000,000 square meters.

In a disclosure to the Philippine Stock Exchange, the firm said it has also received its Permit to Sell for the planned bond offering from the Securities and Exchange Commission.

The fixed rate bonds, scheduled to be issued on and listed at the Philippine Dealing and Exchange on Feb. 10, 2023, will bear a coupon rate of 7.0543% and be due in Feb. 2028.

Earlier, the Issuer and the Issue had received a rating of PRS Aa+ with Stable Outlook from the Philippine Rating Services Corporation (PhilRatings), signifying its strong capacity to meet its financial obligation.

The Offer Period will run from Jan. 30 to Feb. 3, 2023, with SB Capital and Investment Corp. and PNB Capital and Investment Corp. acting as the transaction’s joint local underwriters, issue managers, book-runners, and selling agents.

The proceeds of the offering are earmarked for the development of a solar rooftop system project and acquisition of land parcels with an estimated area of 5,000,000 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 and form part of CREC’s expansion pipeline.

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