Listed power firm Repower Energy Development Corporation (REDC), together with partner entities, has signed a share purchase agreement to acquire 100% of the capital stock of Taft Hydroenergy Corporation (THEC) in a PHP 3.925-billion transaction.

The deal covers THEC’s 15.93-megawatt Tubig Hydropower Plant in the Visayas and was executed on May 2, following board approval by REDC on April 13, 2026, based on disclosures filed with the Philippine Stock Exchange.

Once completed, the acquisition will become REDC’s 10th operational hydropower asset, increasing its installed hydro capacity by approximately 45%.

 The PHP 3.925-billion consideration includes both equity and assumed liabilities, including a PHP 1.1-billion outstanding loan.

The acquisition will be shared among the consortium, with REDC and Tokai Corporation each contributing PHP 1.57 billion, while South East Energy Corporation will shoulder PHP 785 million. REDC’s exposure includes PHP 1.13 billion in equity at PHP 2.16 per share, along with a PHP 440-million share in THEC’s outstanding loan obligations.

The transaction covers 1.3 billion shares, representing 100% of THEC’s outstanding capital stock. Valuation was based on the projected cash flows of the hydropower asset.

“The purchase of THEC and its 15.93MW Tubig hydropower plant will further grow the portfolio of operational hydropower plants of the company, and thereby contribute to and increase the company’s income and cashflow,” REDC said.

Completion remains subject to regulatory and contractual conditions, including approval from the Philippine Competition Commission (PCC), satisfaction of closing deliverables, and consents from relevant counterparties and lenders.

Prior to the transaction, THEC was majority-owned by privately held Magis Energy Holdings Corporation.

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