Citicore Energy REIT

What Citicore Energy REIT does

Citicore Energy REIT Corp. (PSE: CREIT) is the Philippines' first renewable energy real estate investment trust and the country's sixth REIT overall, listed on the PSE Main Board in February 2022 after being renamed from Enfinity Philippines Renewable Resources, Inc. The company owns a portfolio of 145 MW of installed solar capacity across 13 leased land parcels totaling 7.1 million sqm — including one owned solar power plant (Clark Solar Plant, 22.3 MWpDC) — and leases these assets to solar power operators under 20–25 year agreements. Its wholly-owned operating subsidiaries cover key Philippine grids in Luzon (Clark, Tarlac, Pampanga, Bulacan, Batangas) and Visayas (Cebu, Negros Occidental), with South Cotabato extending into Mindanao; CREIT also deploys an agro-solar model that intercrops turmeric beneath elevated PV arrays.

CREIT generates revenue from two streams: (1) guaranteed annual base rentals from solar operators, providing predictable income secured by long-term leases, and (2) variable rental equal to 50% of incremental gross revenue when tenant energy generation exceeds baseline. As a Philippine REIT, it is statutorily required to distribute at least 90% of distributable income and has paid out 106% in multiple years, delivering a 6.43% annualized dividend yield in 2024. It supplements equity with debt via a P4.5 billion ASEAN Green Bond (7.0543% coupon, due 2028) — the first REIT-issued ASEAN Green Bond in the Philippines. The customer base consists of CREC-affiliated solar operators and named corporate offtakers including ACEN, Shell Energy, the Freeport Area of Bataan, and Ecozone Power Management, with 75% of contracted revenue under bilateral Power Supply Agreements and 25% qualifying under the Feed-in-Tariff II program.

Sponsorship by Citicore Renewable Energy Corporation (CREC) provides a structural growth runway via CREC's 5GW pipeline (first gigawatt underway as of 2024), while SM Investments Corporation's 28.79% stake (P5.0B, March 2024) adds institutional credibility. The portfolio maintains 100% occupancy with a weighted average lease expiry of 20.44 years, and a board-approved infusion of up to 1.7M sqm of land and 860MW of solar assets has been announced for the next phase of expansion. CREIT has earned the CICERO Shades of Green "Dark Green" rating — the first in Southeast Asia — and a PRS Aa+ credit rating on both issuer and Green Bond obligations.

Name

Citicore Energy REIT

Legal name

Citicore Energy REIT Corp.

Website

https://creit.com.ph

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Citicore Energy REIT (PSE: CREIT) is the Philippines' first renewable energy REIT, leasing 7.1 million sqm of land and 145 MW of solar assets to power operators under 20–25 year contracts, serving institutional and retail yield-seeking investors with a regulated 90%+ dividend payout.

Ownership category

akta.pro rank

Product category

Renewable Energy Real Estate Investment Trust

SIC

Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Renewable energy REIT
• Solar land leasing
• Green asset investment
• ASEAN green bonds
• Dividend-yielding securities

Headquarters

HQ city

San Juan

HQ country

Philippines

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Others, Infrastructure

Revenue model

1. Land Lease Revenue - Guaranteed Base Rental: CREIT generates guaranteed annual base rental income from leasing land to solar power plant operators. This fixed component provides stable, predictable revenue streams secured by long-term lease agreements of 20-25 years.
2. Land Lease Revenue - Variable Rental: Variable rental equivalent to 50% of the incremental gross revenue earned by lessees from any excess of actual energy generation over base revenue. This creates upside participation in operational outperformance.
3. ASEAN Green Bond Proceeds Investment: Proceeds from ₱4.5 billion ASEAN Green Bond issued in February 2023 used to acquire value-accretive land parcels for lease to solar operators, expanding the green asset portfolio.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Citicore Energy REIT Corp. (CREIT) operates as the Philippines' first renewable energy real estate investment trust, leasing freehold and leasehold land parcels to solar power operators and developers under long-term contracts of 20-25 years. The company owns a 22.3 MWpDC solar power plant (Clark Solar Plant) and 7.1 million square meters of land leased across the Luzon and Visayas grids, generating revenue through guaranteed base rental plus 50% variable rental participation in incremental energy generation revenue. CREIT distributes at least 90% of distributable income as dividends and also issued Php 4.5 billion in ASEAN Green Bonds to fund portfolio expansion.

Product overview

Citicore Energy REIT Corp. (CREIT) operates as the Philippines' first renewable energy REIT, functioning as a real estate investment trust focused on green energy infrastructure. The company offers a unique investment platform combining three core asset categories: (1) a solar power plant (Clark Solar Plant - 22.3 MWpDC), (2) freehold land assets (5 parcels including Tarlac 1, Bulacan, South Cotabato, Batangas 1, and Pampanga 1), and (3) leasehold land assets (3 parcels including Cebu, Negros Occidental, and Tarlac 2). CREIT generates revenues through guaranteed annual base rental and variable rental (50% of incremental gross revenue from excess energy generation) from leasing these properties to solar power operators under long-term contracts of 20-25 years. The company also issued ASEAN Green Bonds (Php 4.5B) to fund portfolio expansion. All assets maintain 100% occupancy and are backed by long-term offtake agreements, with 75% contracted under bilateral Power Supply Agreements and 25% qualified under Feed-in-Tariff II Program.

Differentiator

Problem solved

Functional benefit

Products and services

• Citicore Energy REIT (CREIT) Shares Publicly traded REIT shares on the Philippine Stock Exchange providing investors with dividend-yielding exposure to a portfolio of renewable energy land and solar power assets under a REIT structure with at least 90% mandatory payout of distributable income (106% payout achieved in multiple years). The product offers stable quarterly dividends (e.g., Q4 2024 Php 0.055/share, full-year 2024 Php 0.202/share, ~6.43% annualized yield at March 2025 prices) and capital appreciation potential through value-accretive acquisitions.
• ASEAN Green Bonds Maiden Php 4.5 billion fixed-rate ASEAN Green Bond issuance with a 7.0543% coupon maturing February 2028, listed on PDEx and assigned an Issue Credit Rating of PRS Aa+ by PhilRatings. Proceeds were earmarked for solar rooftop systems and land parcel acquisitions to expand CREIT's green asset portfolio. The bond program enables institutional fixed-income investors to participate in CREIT's renewable energy asset growth with explicit green-use-of-proceeds disclosure.
• Clark Solar Power Plant CREIT-owned 22.3 MWpDC solar power plant situated on a 25-hectare land lease with Clark Development Corporation within the Clark Freeport Zone, leased to sponsor CREC for solar power generation under a 25-year agreement expiring September 2039. The asset forms part of the company's power-generation portfolio that contributed to its 145 MW of total tenant-installed solar capacity and 100% portfolio occupancy.

Quantifiable outcome

• 100% occupancy maintained all year-round across all land properties
• +6 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Citicore Renewable Energy Corporation (CREC)coreStrategic or Co-development Partner · 12 October 2021Sponsor and parent entity of CREIT. CREC transferred initial portfolio of renewable energy properties through Property-for-Share Swap. Continues as single largest stakeholder with 32.88% effective ownership post-SMIC transaction. Provides pipeline of assets for future CREIT infusion through its 5GW development pipeline.
• Clark Development CorporationcoreStrategic or Co-development PartnerOwner of land in Clark Freeport Zone leased to CREIT for Clark Solar Power Plant operations. 25-year lease agreement expiring September 2039 for the 25-hectare solar facility.
• SB Capital Investment CorporationminorChannel Partner/ Reseller/ DistributorJoint local underwriter, issue manager, bookrunner, and selling agent for CREIT's maiden ASEAN Green Bond offering of Php 4.5 billion in February 2023.
• PNB Capital and Investment CorporationminorChannel Partner/ Reseller/ DistributorJoint local underwriter, issue manager, bookrunner, and selling agent for ASEAN Green Bond. Also served as lead local underwriter for CREIT IPO.
• Unicapital Inc.minorChannel Partner/ Reseller/ DistributorJoint global coordinator and lead underwriter for CREIT IPO. Served as lead underwriter and issue manager for the offering.
• BDO Capital & Investment CorporationminorChannel Partner/ Reseller/ DistributorJoint global coordinator and lead local underwriter for CREIT IPO. Also served as transaction adviser for SMIC share sale.
• Security Bank Corporation - Trust and Asset Management GroupminorOthersActing as Trustee for CREIT's maiden ASEAN Green Bond issuance, providing fiduciary oversight of the bond program.

Scale indicators16 records

Recent moves9 records

Expansion highlights5 records

Others

• Citicore Renewable Energy Corporation (CREC): CREIT's parent and sponsor, controlling 32.88% effective ownership. Not a peer in the traditional sense but the strategic counterparty whose 5GW pipeline fuels CREIT's growth; relevant for related-party transaction analysis and asset infusion economics.
• SM Prime Holdings: Philippines' largest integrated property developer (SM Group) and affiliate of SM Investments, which holds 28.79% of CREIT. Relevant as a potential strategic offtaker given SM Prime's massive commercial property portfolio and renewable energy procurement needs.

Broad incumbents

• Aboitiz Power Corporation: Major Philippine integrated power generator and distributor (Aboitiz Group) with renewable energy subsidiaries. Broad incumbent comparable in Philippine energy infrastructure space; operates power generation directly but has overlapping customer and land-use considerations with CREIT's solar tenants.
• First Gen Corporation: One of the Philippines' largest power generators with significant renewable (geothermal, hydro, solar, wind) capacity. Broad incumbent in Philippine renewable energy infrastructure; comparable in sector exposure to CREIT's underlying solar tenants though operates generation directly rather than as a REIT.

Direct peers

• MREIT (Megaworld REIT): Philippine REIT backed by Megaworld Corporation (Megawide-affiliated group), holding prime office assets in Iloilo Business Park and other Megaworld townships. Comparable as another Philippine REIT with similar dividend yield mandate and PSE listing, and shares corporate lineage via the Megawide/Citicore ecosystem.
• PREIT (Vistamalls / Prime REIT): Philippine REIT (formerly Vistamalls REIT) sponsored by Prime Infrastructure Capital (formerly PrimeBM). Directly comparable as a Philippine-listed REIT subject to same REIT Law dividend requirements and listed on PSE, focused on commercial/retail real estate.
• AREIT (Ayala REIT): Philippine REIT listed on PSE focused on commercial real estate (offices, retail, hotels, warehouses) within the Ayala conglomerate ecosystem. Directly comparable as another Philippine-listed REIT with similar institutional investor base, dividend mandate, and PSE index inclusion, though CREIT is uniquely energy-focused.
• FILREIT (Filinvest REIT): Philippine REIT sponsored by Filinvest Development Corporation with a portfolio of office, retail, and hotel properties. Directly comparable as a Philippine-listed REIT with same 90% distributable income mandate, similar investor base, and same REIT regulatory framework under Philippine law.

Emerging players

• Solar Philippines: Leading Philippine solar developer with multi-gigawatt pipeline including the Terra Solar project. Comparable as a large-scale Philippine solar land lessee/developer that could potentially be a CREIT tenant or a competing land platform for renewable energy real estate.
• ACEN (AC Energy Corporation): Philippine renewable energy developer and listed operator that is both a tenant/offtaker of CREIT land and a direct peer in Philippine renewable energy infrastructure. Comparable because it is the largest listed pure-play renewables operator in the Philippines with overlapping customer base (Shell Energy, ACEN as corporate buyers).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCREIT
• Facebookfacebook.com/CREIT
• LinkedInlinkedin.com/company/creit
• Instagraminstagram.com/creit
• Xx.com/CiticoreREIT

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Citicore Energy REIT