SM buys CREIT shares

Business.
Business.(Business File photo)

SM INVESTMENTS Corp. (SMIC) has purchased from Citicore Renewable Energy Corp. (CREC) and Citicore Solar Tarlac 1 Inc. a total of 1,884,374,000 shares of Citicore Energy REIT Corp. (CREIT), representing 28.79 percent of CREIT’s total outstanding capital stock, at a total purchase price of P5 billion.

Proceeds from the sale will contribute to the further development of CREC’s 1,583 megawatts of ready-to-build / under-construction solar power projects across eight site locations across the country.

SMIC president Frederic DyBuncio, in a statement, said the firm’s investment in CREIT is aimed at increasing SM’s footprint in the renewable energy sector.

CREIT is the largest renewable energy REIT landlord in the country having approximately 7.1 million square meters of gross leasable area.

CREC president and chief executive officer Oliver Tan believes 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. / KOC with PR

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