Repower Energy Invests PHP 280.8M in Hydropower Expansion

Repower Energy Development Corporation (REDC), a subsidiary of Pure Energy Holdings Corporation, has disbursed PHP 280.8 million of its initial public offering (IPO) proceeds in the first quarter of 2025 to advance its renewable energy initiatives, primarily focusing on the Pulanai and Piapi mini-hydropower projects (MHPs).

According to the company’s supplementary schedule of proceeds filed for the quarter ended March 31, REDC allocated PHP 188.1 million to partially fund the equity portion of the 15-megawatt Pulanai MHP in Valencia City, Bukidnon, and PHP 47 million for the 4.5-megawatt Piapi MHP in Mauban, Quezon. Both projects are slated for completion in Q1 2025, adding to REDC’s existing portfolio of seven mini-hydropower plants with a combined capacity of 11.55 megawatts. 

An additional PHP 45.3 million was directed toward the development of other renewable energy projects, with PHP 425,000 covering trust fees.

The company raised PHP 1 billion in gross proceeds from its IPO in July 2023, with actual net proceeds amounting to PHP 952.2 million after expenses of PHP 47.8 million. By the end of Q1 2025, REDC had fully utilized the PHP 280.8 million allocated for the quarter.

REDC’s focus on run-of-river hydropower aligns with its strategy to expand its renewable energy footprint. The Pulanai and Piapi projects are expected to bolster the company’s capacity to deliver sustainable energy, contributing to the Philippines’ renewable energy goals. Additionally, REDC has expressed plans to diversify into wind energy, with a proposed 200-megawatt wind farm in Quezon under consideration.

The company’s financial performance has been bolstered by its hydropower operations, with a reported 64.51% revenue surge to PHP 226.3 million in the first half of 2023, driven by increased power generation. The successful deployment of IPO proceeds underscores REDC’s commitment to scaling its operations and supporting the country’s transition to clean energy.

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