Lucio Co is the latest tycoon to enter into the renewable energy industry as his holding company, Cosco Capital, announced its acquisition of the 8 megawatts (MW) Catuiran hydropower project in Oriental Mindoro.
Inquirer reported that Cosco acquired a 60% stake in Catuiran Hydro Power Corporation, a company operating under a Renewable Energy Service Contract administered by the Department of Energy (DOE).
Additionally, the Philippine Competition Commission may need to approve this transaction.
In the past, Cosco, known for its ownership of Puregold Price Club and The Keepers Holdings, positioned its venture into renewable energy as a promising aspect of its business portfolio for the medium and long term.
Closing the initial nine months of 2023, the company achieved a net income of Php 9.1 billion, marking a 4.8% growth compared to the corresponding period in the prior year. Additionally, total revenues saw a substantial increase, expanding by 10.5% to reach Php 150.3 billion.
