REDC expands renewable footprint

MANILA, Philippines — Soon-to-list Repower Energy Development Corp. (REDC), a subsidiary of Pure Energy Holdings Corp., has  expanded its energy portfolio with the commissioning of its 5.8 megawatt Tibag run-of-river hydropower plant in Mauban, Quezon.

“We are pleased to mark the successful commissioning of our newest hydropower plant as this is another milestone for us in expanding our footprint in the renewable energy sector,” REDC president Eric Peter Roxas said.

“The Tibag hydropower plant will be a key asset in our goal toward uplifting the living standards of rural and under electrified communities through clean, renewable energy,” Roxas said.

According to its projections, the plant will contribute P215 million in EBITDA annually.

With around six months of operation up until the end of 2023, the plant is expected to be a significant driver to REDC’s year-on-year growth in net income for the year.

The Tibag hydropower plant’s annual energy generation will be over 40 GW-hr, equivalent to the generation of a 40MW solar farm or a 20-MW wind farm. In addition, the plant provided jobs to over 120 personnel during the construction period, according to REDC.

The company’s next project would be its eighth hydropower plant, a 1.4-MW Lower Labayat plant, also in Quezon, which will come online soon.

REDC plans  to debut on the Philippine Stock Exchange (PSE) on July 24 with the  final offer price set at  P5 per share.

“The final number of offer shares is 200 million primary common shares with an over-allotment option of up to 30 million  secondary common shares, and the final offer price is P5 per  share,” REDC said.