Citicore Energy REIT Corp. (CREIT)

Citicore Energy REIT Corp. (CREIT), formerly Enfinity Phiippines Renewable Resources, Inc., was registered with the Securities and Exchange Commission (SEC) on July 15, 2010. The Company’s primary purpose is to explore, develop and utilize renewable energy resources with particular focus on solar and wind energy generation aside from to design, construct and operate power-generating plants and related facilities.

On October 16, 2015, the Company was registered with the Board of Investments as a renewable energy developer of solar energy resources under Republic Act N. 9513 or the Renewable Energy Act of 2008.

The Company received SEC approval to change its name to the present one and its primary purpose to that of a real estate investment trust (REIT), among others, on October 12, 2021.

CREIT’s principal investment strategy is to invest in income-generating renewable energy real estate properties. To meet the investment criteria, a potential new renewable energy property should be focused on solar power plants but may include other renewable energy properties available in the market; be located in underdeveloped areas where CREIT has completed and validated the availability of resources and the potential of such area for future township developments; and be the site of a renewable energy power plant that has achieved successful plant testing and commissioning. The Company’s sponsors are Citicore Renewable Energy Corporation (CREC) and Citicore Solar Tarlac 1, Inc.
CREIT’s portfolio currently consists of a solar power plant in Clark Freeport Zone, Pampanga, which it built on a land subject to a 25-year lease with the Clark Development Corporation, as well as land leased to solar power plant operators, comprising of Company-owned parcels of land in Brgy. Armenia, Tarlac City and leasehold rights over parcels of land in Brgy. Dalayap, Tarlac City; Toledo City, Cebu; and Silay City, Negros Occidental.

On October 13, 2021, CREIT assigned its solar energy service contract (SESC) of the power plant in Clark Freeport Zone to its parent company, CREC, making the Company a lessor of the plant. The assignment of the SESC is still subject to the approval of the Department of Energy as of the submission of the prospectus. The lease agreement is effective for almost 18 years starting on November 1, 2021.

Source: Prospectus (2022)


Board of Directors

PositionName
ChairmanEdgar B. Saavedra
DirectorOliver Y. Tan
DirectorJez G. Dela Cruz
DirectorManuel Louie B. Ferrer
Independent DirectorLeonilo G. Coronel
Independent DirectorJose M. Layug Jr.
Independent DirectorPacita U. Juan
Independent DirectorElizabeth Anne C. Uychaco

Management Officers

President and Chief Executive OfficerOliver Y. Tan
TreasurerJez G. Dela Cruz
Chief Financial OfficerMia Grace Paula S. Cortez
Compliance OfficerRaymund Jay S. Gomez
Investor Relations OfficerMichelle A. Magdato
Corporate SecretaryJaime P. Del Rosario
Assistant Corporate SecretaryJames A. Jumalon