Repower Energy Development Corp. (REDC) has fully deployed its 2023 IPO proceeds, allocating the entire PHP 952 million to advance the Pulanai mini-hydro project in Bukidnon and other clean energy efforts, with the key project on schedule for a 2025 completion.

In its October 17 disclosure to the Philippine Stock Exchange (PSE), REDC reported that it had completed its spending as of September 30, with PHP 600 million directed to Pulanai’s equity portion. The report notes REDC raised PHP 1 billion from its July 2023 PSE listing, spending PHP 47.84 million on costs, below the planned P50.5 million.

In the first quarter, REDC disbursed PHP 280.8 million, including PH 188.1 million for Pulanai and P47 million for the Piapi project in Quezon, plus P45.3 million for other renewables. 

By mid-year, the total allocation reached P100 million for Piapi, P150 million for new green projects, and P99.5 million for operations. Auditors verified the figures and confirmed no changes to the original plan.

Pulanai, a PHP 4 billion, 15-megawatt project, remains on track for 2025 completion, poised to double REDC’s capacity to over 30 megawatts and power 130,000 households across 15 Bukidnon municipalities. 

Piapi, a 4.5-megawatt plant, is also slated for 2025 completion, adding to REDC’s eight existing Luzon plants totaling 17.35 megawatts.

Beyond hydro, REDC, a subsidiary of Pure Energy Holdings Corporation, is also exploring diversification into other types of renewable projects, including a potential wind energy service contracts in Quezon and a partnership with Gugler Water Turbines for a 320-megawatt seawater pumped-storage project in Luzon, as part of its broader RE strategy.

How will Pulanai’s completion shape Bukidnon’s energy supply? Share your thoughts in the comments!

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