Repower acquires 95% stake in Bukidnon hydropower project – BusinessWorld Online
RENEWABLE ENERGY developer Repower Energy Development Corp. is expanding its hydropower portfolio with the acquisition of a P6.3-billion facility in Maramag, Bukidnon.
In a disclosure on Wednesday, the company said it is acquiring a 95% stake in Maramag Hydropower Corp., the developer of the 25-megawatt (MW) Pulangi IV project.
Repower President Eric Y. Roxas said the acquisition marks the company’s second investment in the area, which will again utilize the Pulangi River.
The downstream of the river system was tapped for the recently commissioned 18.2-MW Pulangi plant, which straddles the cities of Valencia and San Fernando.
“Harnessing the Pulangi River’s potential through responsible hydropower development allows us to deliver dependable energy generation, while creating meaningful opportunities for the communities of Bukidnon,” Mr. Roxas said.
Repower earlier announced that it is earmarking P10.3 billion for the rollout of four hydropower facilities in the coming months.
The company is also constructing the 4.5-MW Piapi hydropower project in Quezon province, with commercial operations targeted by the end of 2027.
Repower Energy, a unit of Pure Energy Holdings, plans to expand its footprint through both greenfield projects and acquisitions of existing plants.
For the nine months ending September, the company reported a 42% increase in net income year on year to P167 million, while revenues rose 33% to P526.7 million.
On Wednesday, Repower Energy closed at P6.60 per share, down P0.32 or 4.62%. — Sheldeen Joy Talavera
