HYDROPOWER developer Repower Energy Development Corp. (REDC) is boosting its renewable energy portfolio through a P3.925-billion acquisition of an asset in Samar province.
In a regulatory filing on Thursday, REDC said it, together with Japan’s Tokai Corp. and South Eastern Energy Corp., is acquiring all the stake held by Magis Energy Holdings Corp. in Taft Hydro Energy Corp.
Taft Hydro owns a 15.93-megawatt hydropower plant that’s estimated to generate about 71 gigawatt-hours of electricity annually.
Eric Peter Y. Roxas, president and chief executive officer of REDC, said via Viber that the corporate is acquiring a 40% stake in Taft Hydro.
“The acquisition… will further grow the portfolio of hydropower plants of the corporate, and thereby contribute to and increase the corporate’s income and money flow,” REDC said.
Once accomplished, the transaction will make the brand new asset the corporate’s 10th operational hydropower plant, boosting its capability by about 45%.
REDC is the hydropower arm of publicly listed Pure Energy Holdings Corp., which has interests in hydropower, bulk water and distribution, solar, and geothermal projects.
The hydropower developer is currently developing the Piapi mini hydropower plant in Quezon province and the Pulanai mini hydropower plant in Bukidnon. — Sheldeen Joy Talavera