CREIT planning new fundraising for solar farm expansion in 2026

Citicore Energy REIT Corporation, the country's first renewable energy real estate investment trust, is considering raising new funds next year to finance the acquisition of additional land for the expansion of its solar farm portfolio.

- BY JAMES A. LOYOLA

During the firm's annual stockholders' meeting, CREIT President and CEO Oliver Tan said, “Any new land acquisition would involve new fundraising, we are looking at around next year.”

He explained that this is because “we already fully deployed the (proceeds) of the green bond that we raised two years ago” adding that they intend to acquire more land for the second gigawatt of sponsor Citicore Renewable Energy Corporation's (CREC) five-year target of one gigawatt per year.

“We will first complete the acquisition of the batch of 250 megawatts of solar assets before the end of the year before any plans of acquiring new properties,” noted Tan.