Repower earmarks P10.3B for hydropower expansion – BusinessWorld Online
REPOWER Energy Development Corp. is allotting P10.3 billion for the rollout of hydropower projects, it said in a stock exchange disclosure on Wednesday.
The capital expenditure will fund the construction of four hydropower facilities in the coming months, as it accelerates its expansion across Luzon and Mindanao, the renewable energy developer said.
Repower is also advancing its P4-billion run-of-river hydropower plant in Bukidnon, straddling the cities of Valencia and San Fernando, where testing and commissioning have begun.
Once operational, the facility is projected to generate 130 gigawatt-hours annually, sufficient to power more than 54,000 homes. The plant marks Repower’s ninth operating hydropower facility and its first in Mindanao.
Proceeds from the company’s 2023 initial public offering were largely allocated to the Bukidnon project, the company said.
Construction is also under way for the 4.5-megawatt Piapi hydropower project in Quezon province, with commercial operations targeted by the end of 2027.
Repower Energy, a run-of-river hydropower developer and unit of Pure Energy Holdings, plans to expand its footprint through both greenfield projects and acquisition of existing plants.
Shares of Repower closed unchanged at P5.23 apiece. — SJT