Citicore Energy REIT Corp. (CREIT), the real estate investment trust (REIT) of Citicore Renewable Energy Corp. (CREC), is targeting to expand its portfolio and expects its next asset infusion to be completed within this year.

During the firm’s annual stockholders’ meeting (ASM) on Monday, June 8, CREIT President and Chief Executive Officer (CEO) Oliver Tan said, “we are already lining up several new solar asset infusions. As we speak, we’re already seeking regulatory approvals.”

In light of the government’s push for the country to transition to renewable energy (RE), he noted that “the more solar development will create more acquisition opportunities, whether organic or inorganic.”

Tan said CREIT expects to complete its next asset infusion within the year, as soon as the transaction secures regulatory approval.

As part of its growth roadmap, CREIT’s board of directors approved last May 15 a proposed asset-for-share swap transaction, with CREC and its subsidiaries as sponsor.

The proposed transaction is expected to infuse approximately 1.7 million square meters (sqm) of land and 860 megawatt-peak (MWp) of solar assets in the provinces of Pangasinan, Pampanga, Batangas, Quezon, and Negros Occidental.

This strategic infusion will enable CREIT to expand beyond its current portfolio with about 20 percent more leasable land assets, as well as stabilized, income-generating solar assets.

Upon completion, CREIT’s total gross leasable area (GLA) is expected to expand to 8.8 million sqm, further solidifying its position as the largest REIT in the Philippines.

To safeguard shareholder interests, the assets have undergone independent valuation by reputable and accredited third-party providers, ensuring the deal will be executed at fair market value (FMV) and on an arm’s-length basis.

“This transaction reflects how CREIT’s platform is built for long-term growth, allowing us to acquire stabilized, income-generating assets while deepening strategic alignment with our sponsor,” Tan said.

He added that, “It reinforces CREIT’s ability to expand alongside CREC in a disciplined and sustainable manner, creating long-lasting value for shareholders.”