NextGen Day

MANILA, Philippines — The Philippine Stock Exchange (PSE) has listed the country’s first clean energy-themed real estate investment trust (REIT), which hopes to capitalize on the enormous prospects in the local renewable energy sector.

Citicore Energy REIT Corp. (CREIT) used the proceeds from its first public offering (IPO) on Tuesday to partially fund its 1,500-megawatt growth project for the next five years.

The 1,500 MW pipeline projects are expected to cost PHP70 billion, according to CREIT president Oliver Tan, with the goal of injecting new assets into the firm every year.

CREIT has set aside PHP3 billion for capital expenditures this year, according to Tan.

The country’s shift to clean energy, according to Citicore Chairman Edgar Saavedra, represents a “huge opportunity” for renewable energy players in the country.

“There is a global movement to shift away from fossil fuels and toward renewable energy sources. In reality, the DOE (Department of Energy) has a mandate to raise the renewable portfolio from 20% to 40% renewable. And that’s roughly 12,000 to 14,000 megawatts; 12,000 to 14,000 megawatts is around PHP1.5 trillion to PHP2 trillion,” Saavedra remarked.

Meanwhile, Finance Secretary Carlos Dominguez III urged clean energy companies to follow Citicore’s lead in using financial markets to fund green investments that will complement ongoing government efforts to help the planet avoid the worst effects of climate change.

Dominguez said the Citicore listing on the PSE is “a fantastic illustration of how the government and our own private sector can collaboratively achieve energy sufficiency and address concerns related to global warming” in a pre-recorded message.

He said that since the Duterte government fixed the obstacles that had stopped REITs from prospering in the country two years ago, five such organizations with a total capitalization of PHP280.6 billion have been launched in the market.

According to him, with Citicore as the sixth REIT, the overall market value of this “strong financial instrument” will reach almost PHP300 billion, or 1.4 percent of the country’s GDP.

“This is just the start.” This formidable financial tool has a lot of potentials to aid our economic recovery and provide appealing and reliable investment possibilities for the average Filipino,” he noted.

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