Citicore Energy REIT Corp. (CREIT), the country’s first and leading renewable energy real estate investment trust, announced plans to acquire 250 megawatts (MW) worth of solar assets by the end of 2025. The announcement was made during the company’s 2025 Annual Stockholders’ Meeting, highlighting a strong year of growth, full asset occupancy, and enhanced dividend performance.

CREIT President and CEO Oliver Tan confirmed during the meeting’s Q&A session that the company will acquire the new assets from its sponsor, Citicore Renewable Energy Corp. (CREC), pending the successful commissioning of the solar plants and regulatory approvals.

“We are targeting to complete the acquisition on or before year-end,” Tan stated. “This batch represents approximately 250 MW of new solar capacity that will be integrated into our growing portfolio.”

The solar assets form part of CREC’s broader 5-gigawatt pipeline, which CREIT is strategically positioned to tap into for long-term portfolio expansion and income stability. The additional capacity is expected to improve dividend yields and boost the overall asset base of the REIT.

Strong Financial and Operational Performance

For 2024, CREIT reported revenues of PHP1.9 billion, marking a 5% year-on-year increase. Net income reached PHP1.4 billion, while EBITDA stood at PHP1.8 billion. The company attributed the solid results to its 2023 acquisition of seven land parcels totaling over 5.1 million square meters, improved lease terms, and a 48% rise in variable lease revenue.

All 14 of CREIT’s assets maintained 100% occupancy across 7.1 million square meters of gross leasable area. The company also reported a weighted average lease expiry (WALE) of 20.44 years, significantly above industry benchmarks.

Dividend declarations reached a record high, with total payouts amounting to PHP0.202 per share for 2024. This includes PHP0.049 per share distributed in each of the first three quarters and PHP0.055 in the fourth quarter—surpassing the 90% minimum distribution requirement under the Philippine REIT law.

ESG Achievements and Strategic Outlook

Beyond financials, CREIT was recognized for its sustainability and governance efforts. In 2024, the company received the Best Green Bond Award at the ASET AAA Awards for Sustainable Finance, its first Golden Arrow recognition from the Institute of Corporate Directors, and a citation in the FinanceAsia poll.

CREIT continues to support environmental and social initiatives through the Citicore Group, such as its AgroSolar Initiative, healthcare outreach, and educational assistance programs in host communities.

Looking ahead, CREIT unveiled its three-year strategic plan (2025–2027), which includes targeted land acquisitions to support CREC’s renewable energy projects. The plan aligns with the country’s broader push for clean energy and positions CREIT as a key contributor to the Philippines’ energy transition.

CREIT, listed in 2022, remains committed to enhancing shareholder value while supporting national goals for renewable energy growth and sustainable development.