The Sy-led flagship holding firm SM Investments Corp. (SMIC) acquired a 28.79-percent stake in Citicore Energy REIT Corp. (CREIT), the largest renewable energy REIT landlord in the country, for a total of P5 billion.
The deal involved the purchase of 1.88 billion shares in CREIT from Citicore Renewable Energy Corp. (CREC) and its wholly-owned subsidiary Citicore Solar Tarlac 1 Inc. at P2.6534 per share.
“We believe that the SM Group’s entry and investment into CREIT and the partnership with CREC unlocks potential synergies given the energy requirements of the SM group,” CREC president and CEO Oliver Tan said.
CREC will remain the single largest stakeholder in CREIT with a 32.88 percent effective ownership.
Proceeds from the sale will contribute to the further development of CREC’s 1,583-megawatt (MW) ready-to-build and under-construction solar power projects across eight site locations nationwide.
This story is from the March 28, 2024 edition of The Philippine Star.
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This story is from the March 28, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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