IPO prospect REDC bags clearance to develop Quezon wind farm
MANILA, Philippines — Repower Energy Development Corp. (REDC) obtained the Department of Energy’s clearance to develop a 200-megawatt wind farm in Quezon.
In a statement on Wednesday, REDC indicated that this move will cover two wind energy service contracts. The wind farms will be facing the Pacific Ocean, which will allow greater energy production owing to sea breeze.
“Our wind farms will be built within the vicinity of our hydropower plants. This will allow us to maximize synergies in our operations and logistics, and tap into the transmission lines, switchyard, access roads and other infrastructure developments we own and are already built,” said Eric Peter Y. Roxas, president and CEO of REDC.
The Pure Energy Holdings Corp. subsidiary noted the projects will be the Silang Maragondon Wind Farm (2,592 hectares) and the Pandan Labayat Wind Farm (2,025 ha).
REDC said the proposed grid connection will be the existing Biga switchyard station, which is already connected to the National Grid Corporation of the Philippines. As it is, REDC already uses this for its three run-of-river hydropower plants in the area.
That said, the Philippine Stock Exchange already approved REDC’s application for initial public offering back in May. REDC will be offering 200 million primary common shares, with an overallotment option of up to 30 million secondary shares.
The shares will be sold in its market debut at P5 apiece.
Proceeds from the IPO will be used to fund the equity portion of its Pulanai and Piapi mini hydroelectric power plants and the acquisition of renewable energy projects. — Ramon Royandoyan
- Latest
