CITICORE Energy REIT Corp. (CREIT) is targeting to grow the capacity under its portfolio to 950 megawatts (MW) by 2025, its top official said on Wednesday.
In a virtual press briefing, CREIT President and Chief Executive Officer Oliver Y. Tan said that as of 2022, the total installed capacity of its tenants is at 145 megawatts of direct current (MWDc). The 121 megawatts of its sponsor’s project pipeline are yet to be infused into CREIT, he added.
The company invests in income-generating renewable energy properties. Lease income from its asset portfolio generates a steady revenue stream.
According to Mr. Tan, the Clark solar power plant accounted for 21.7% of the 145-MWDc installed capacity, which the company estimated will be able to reduce approximately 231,720 tons of carbon dioxide (CO2) annually.
For the entire design life of the power plants, the capacity translates to an aggregate reduction of 7 million tons of CO2, he added.
Mr. Tan said that CREIT is looking to expand its agro-solar projects, which allow solar plants and vegetable farmers to coexist in the area where solar power plants are being operated. The concept is said to have been pioneered by the Citicore group locally.
“We always welcome new technology, other technology as long as it is renewable and clean energy,” he said.
In the second quarter, CREIT reported a net income of P300.84 million, more than four times higher than the P65.68 million earned in the corresponding period last year.
On Wednesday, CREIT shares slipped by 1.22% or P0.03 to close at P2.42 apiece. — Ashley Erika O. Jose