CITICORE Energy REIT Corp. (CREIT) said on Thursday that its board of directors had approved the issuance of P4.5 billion worth of unsecured fixed rate ASEAN green bonds.

In its regulatory filing, CREIT said its green bonds comprised of a based offer of up to P3 billion with an oversubscription option of up to P1.5 billion. These are subject to the approval of the Securities and Exchange Commission and Philippine Dealing and Exchange Corp.

Proceeds from the green bond offering will be used for the acquisition of multiple operating solar rooftop systems and various real estate properties suitable for utility-scale solar power plants.

ASEAN green bonds are specific bonds where proceeds will be exclusively applied to fund or refinance new or existing green projects.

In the second quarter, CREIT recorded a net income of P300.84 million, or more than four times higher than the P65.68 million earned in the corresponding period last year.

CREIT is a listed company whose listing was sponsored by Citicore Renewable Energy Corp.

On Thursday, shares in the company slipped by 1.74% or four centavos to end at P2.26 apiece. — Ashley Erika O. Jose