Citicore Energy REIT Corp. (CREIT) said it will now start selling its P4.5 billion Asean Green bonds.
The company said it has formally received the green light from the Securities and Exchange Commission for the fund raising, which will give investors a 7.0543 percent return up until February 2028.
The bonds will be listed in the Philippine Dealing and Exchange on February 10.
The bond was earlier assigned a PRS Aa+ rating with a “Stable” putlook from the Philippine Rating Services Corp. (PhilRatings), which CREIT said siginify the company’s strong capacity to meet financial obligation.
The bond sale will run until February 3with SB Capital and Investment Corp. and PNB Capital and Investment Corp. serving as 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 (sq.m.).
“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,” CREIT said. – Ruelle Castro
