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Manila Bulletin devider Business devider CREIT kicks off P4.5-B ASEAN Green Bond

CREIT kicks off P4.5-B ASEAN Green Bond

Published Jan 31, 2023 01:22 pm

Citicore Energy REIT Corp. (CREIT or the Company), 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.

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 percent and be due in Feb. 2028.

Earlier, the Issuer and the Issue 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 Corporation and PNB Capital and Investment Corporation acting as the transaction’s joint local underwriters, issue managers, bookrunners, 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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Citicore Energy REIT Corp.
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