Citicore REIT firm scores ‘highest rating’ in sustainability assessment

Published January 5, 2022, 4:04 PM

by Myrna M. Velasco

The Citicore Energy REIT Corporation (CREIT), the real estate investment trust (REIT) arm of Citicore Power Inc., scored the highest ‘dark green rating’ in a sustainability-linked assessment carried out by Norwegian firm Cicero Shades of Green (Cicero Green).

Cicero Green is a subsidiary of climate research institute CICERO, which is widely touted as Norway’s topnotch entity on climate research that has key goals of delivering fresh insights on helping solve challenges as well as reinforce international cooperation on addressing climate change risks.

Under the Cicero Green ratings, it was explained that ‘dark green’ ranks highest; followed by medium green, light green, yellow and then red – and such ratings are accorded to companies being evaluated “depending on the environmental soundness of green projects; and long-term support on low-carbon and climate resiliency.”

According to Cicero Green, CREIT “is the first Southeast Asian company to receive a dark green shading in a company assessment.”

The Norwegian firm specified that the ‘dark green’ rating had been bestowed on CREIT, following third party review and evaluation that touched on its policies, methodologies and practices involving ESG (environmental, social and governance) compliance, supply chain and ‘green construction’ as employed by the company on its project developments.

CREIT said it engaged Cicero Green as its ESG consultant “to opine on its environmental sustainability,” and that is in accordance with its planned initial public offering (IPO) as a pioneering energy REIT in the country.

Relative to that top-tier green ranking, CREIT President and CEO Oliver Tan asserted that their firm is elated “to be graded as dark green by Cicero Green in a company, the first in Southeast Asia.”

He similarly conveyed that “even our governance was rated ‘good’ as well, despite not being a regulatory requirement for private companies,” with Tan adding that “CREIT and the entire Citicore group is committed to developing green energy sources for a sound market investment.”

CREIT reckoned that its trailblazing innovation on the ‘agro-solar social concept’, which has been integrated into its solar farm installations, had been the “key for the top rating it received” from Cicero Green.

The company further explained that through the program “root crops (i.e. turmeric) are planted beneath PV (photovoltaic) modules and proceeds from selling the harvests are split between the local farmers and the scholars in the community where Citicore plants are located.”

CREIT emphasized its ‘agro-solar social concept’ and business model “promotes shared goals of clean power generation, agricultural production and socio-economic development.”

Citicore has 120.5-megawatt (MW)dc solar capacity build-up that are underway; and that will help cement its pathway for portfolio growth reaching 1,500MW in the next five years.