REPOWER Energy Development Corp. (REDC) has began construction of its P6.3-billion hydropower facility in Bukidnon after acquiring a majority stake within the project.
In a disclosure on Tuesday, REDC said its subsidiary Maramag Hydropower Corp. broke ground on the 25-megawatt (MW) Pulangi IV Hydropower Project.
“This groundbreaking represents the beginning of our second of several hydropower projects here, which can not only contribute clean and reliable energy to the Mindanao grid but additionally support long-term regional development in keeping with national energy goals,” REDC President Eric Y. Roxas said.
REDC recently acquired a 95% stake in Maramag, the developer of the project.
The ability will use the downstream portion of the Pulangi River, the identical river system that powers Repower’s recently commissioned upstream hydropower plant.
Once operational, the project is anticipated to spice up Mindanao’s renewable energy capability while providing stable and sustainable power to nearby communities.
Repower has allocated P10.3 billion for the rollout of 4 hydropower facilities within the pipeline.
The corporate can be developing the 4.5-MW Piapi hydropower project in Quezon province, with industrial operations targeted by the tip of 2027.
REDC is a subsidiary of Pure Energy Holdings Corp., which plans to expand its footprint through each greenfield developments and acquisitions of existing plants.
For the nine months ending September, REDC posted a 42% year-on-year increase in net income to P167 million, while revenues rose 33% to P526.7 million. — Sheldeen Joy Talavera