CREIT: Pioneering PH Renewable Energy Revolution

Citicore Energy REIT Corp. (CREIT) stands at the forefront of the Philippines' renewable energy revolution, epitomizing a commitment to empower communities through positive energy.

CREIT and CREC: Leading the Charge Towards a Greener Philippines. | Photo: CREIT Facebook

Bolstered by Citicore Renewable Energy Corporation (CREC), CREIT continues to set new standards, exemplified by its recent declaration of dividends, marking a significant milestone in its journey.

In a move demonstrating unwavering growth, CREIT announced a 10% increase in cash dividends, now standing at Php 0.054 per share.

This commendable achievement reflects the company's robust performance, with total dividends for 2023 reaching Php 0.199 per share, a 9% increase from the previous year.

Such remarkable strides are attributed to CREIT's strategic acquisitions, notably seven new parcels of land acquired in 2023, solidifying its position as the largest landlord for renewable energy real estate properties in the Philippines.

The Php 0.054 per share dividend underscores CREIT's commitment to value accretive assets, translating into an annualized yield of 7.8%.

President and CEO Oliver Y. Tan emphasizes CREIT's resilience and growth trajectory, driven by a steadfast investment strategy focused on expanding its green asset portfolio.

These dividends, propelled by CREIT's guaranteed and variable lease revenues, serve as a testament to its attractive investment instrument and unwavering dedication to shareholder value.

“CREIT has been showcasing resilience with consistently growing lease revenues, resulting in an attractive dividend-paying REIT instrument. This is a testament to our investment strategy to add value accretive assets into the REIT, consequently increasing shareholder value. We have remained committed to our goal to accelerate CREIT’s growth trajectory by growing its green asset portfolio, mirroring the growth of its sponsor, Citicore Renewable Energy Corporation (CREC),” said Tan.

CREIT's success is indeed exemplified by its unique green asset portfolio spanning 7.1 million square meters, boasting 100% occupancy year-round.

This stability enables CREIT to consistently declare above-prescribed dividends since its stock market debut, resonating with investors seeking sustainable and lucrative opportunities.

In parallel, CREC, CREIT's sponsor, continues to advance sustainable energy initiatives. The groundbreaking ceremony for a 240MW solar power plant in Binalonan, Pangasinan marks a pivotal moment in the Philippines' renewable energy landscape.

Expected to power approximately 136,000 households annually and significantly reduce carbon emissions, this project underscores CREC's commitment to fostering growth and prosperity while embracing renewable energy solutions.

CREC's ambitious vision aligns with government initiatives, aiming to deliver five gigawatts of clean energy within five years.

Such endeavors, supported by partnerships and stakeholder collaboration, epitomize a collective effort toward a sustainable future. Esteemed dignitaries including Pangasinan Governor Ramon Guico III commended Citicore for its role in uplifting communities and driving progress.

With CREIT and CREC spearheading the renewable energy movement, the Philippines is poised for a sustainable and prosperous future. As CREIT continues to declare robust dividends and CREC expands its renewable energy portfolio, the nation inches closer to a First-World Philippines powered by pure renewable energy.

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