Citicore REIT Pumps IPO Funds Into Solar Venture With Ayala (Inquirer)

July 19, 2022 – (From Inquirer) Construction tycoon Edgar Saavedra’s Citicore Energy REIT Corp. (CREIT) injected additional capital into a solar power venture with the Ayala Group’s AC Energy Corp. and other renewable energy projects for a total of P2.3 billion.

CREIT, a pioneering energy-themed real estate investment trust, said the latest outlay as of June 2022 accounted for 38 percent of funds raised during its P6.4-billion initial public offering (IPO) last February.

Based on a report to the Philippine Stock Exchange on Monday, a big chunk of the amount went to Arayat Mexico Solar Farm, a 50-50 venture with AC Energy, the renewable power arm of conglomerate Ayala Corp.

CREIT said P1.55 billion had been deployed for Phase 1 of the project, which involves the construction of a 72-megawatt solar farm in Pampanga.

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