CITICORE Energy REIT Corp. (CREIT) said it is looking to issue green bonds in 2023 to fund the acquisition of AFAB Solar Rooftop System and parcels of land spanning 475.3 hectares in Batangas.
In its three-year investment plan posted on Wednesday, the company said that once it has acquired AFAB, it will be leased out to an affiliate solar power business, Sunny Side Up Power Corp., for 20 years.
Meanwhile, the parcels of land from multiple owners in Tuy, Batangas are expected to be leased out to solar power developers and operators for an initial term of 25 years.
CREIT is targeting to increase its renewable energy capacity by five times to 780-megawatt-peak of direct current (MWpDC) from its current capacity of 145 MWpDC.
The company expects to complete eight renewable projects this year, which can be potentially infused into the REIT and help it reach its target capacity.
These projects are the second phase of the Arayat-Mexico solar farm; Batangas solar farms A and B; separate solar farms in Pangasinan, Laguna and Bulacan; and a run-of-river hydropower project in Isabela.
The first four projects are currently at the pre-development status while the next three are still at site selection. The Isabela project is under construction.
Meanwhile, the company’s sponsor — Citicore Renewable Energy Corp. — is also developing other solar power plants under its five-year roadmap of 1.5 gigawatts of direct current capacity.
“The sponsor’s pipeline of projects will serve as the primary source of new assets for infusion into CREIT,” the firm said. — Justine Irish D. Tabile