PREIT targets to grow, diversify portfolio in 3 years

MANILA, Philippines — Villar-owned Premiere Island Power REIT Corp. (PREIT) targets to grow and diversify its portfolio on power generation in the next three years.

PREIT said its principal investment strategy for the next three years is to invest in income-generating real estate projects.

The company said the potential property must be capable of being efficiently utilized for renewable energy, including whether that property meets specific technical considerations such as proximity to transmission assets or existing connection assets.

PREIT’s criteria also includes properties which may be utilized for hybrid power generation facilities consisting of renewable energy, and either energy storage systems, baseload power generation facilities, or both.

Also to be considered are those that to an extent may be best utilized for social or missionary electrification, and serve as an effective site for potential power generation lessees who are or will be well-placed to secure long-term offtake agreements with local electric cooperatives or distribution utilities in the absence of national-level electricity procurement programs.

“The principal investment mandate and strategy of the company is to invest on a long-term basis in critical real estate and infrastructure that will not only expand its portfolio but enable the company to attain its objective of meaningfully contributing to the promotion of clean, renewable and sustainable energy, as well as continue its progress on expanding social and missionary electrification,” PREIT said.

To expand its portfolio, PREIT looks at organic growth, while also taking advantage of desirable opportunities for property acquisition.

Properties for acquisition will be a combination of properties and assets owned by its sponsors, S.l. Power Corp. (SIPCOR) and Camotes Island Power Generation Corp. (CAMPCOR), as well as by third parties.

PREIT successfully completed in December last year its P2.4-billion initial public offering through secondary sale of shares held by SIPCOR and CAMPCOR.

The company debuted with an initial portfolio of eight properties with a total gross leasable area of 30,666 square meters.

PREIT is envisioned to be the power and infrastructure real estate investment trust (REIT) platform of the PAVl Group.

It aims to be among the leading power and infrastructure REITs in the country in terms of portfolio, profitability, growth, sustainability  and dividend yield.

PREIT’s initial property portfolio consists of land and power plant assets utilized in the power generation projects of the SIPCOR and CAMPCOR.