Repower Energy Development Corp. (REDC), a subsidiary of Pure Energy Holdings Corp., has obtained the needed clearance from the Department of Energy to proceed with the development of a 200-megawatt (MW) wind farm project in Quezon.
This project will involve two wind energy service contracts, including the Silang Maragondon wind farm encompassing 2,592 hectares of land and the Pandan Labayat wind farm spanning 2,025 hectares of land.
The Biga Switchyard Station – connected to the National Grid Corp. of the Philippines – will serve as the grid connection for the projects and currently serves three run-of-river hydropower plants operated by the company in the vicinity.
According to REDC, the wind farm development aligns with their mission to deliver clean energy and improve the quality of life in rural and under-electrified communities.
REDC’s President and CEO, Eric Peter Roxas, expressed satisfaction in diversifying their energy portfolio beyond run-of-the-river hydropower plants, emphasizing that this expansion enables them to make a greater contribution towards the sustainability objectives of the country.
Roxas mentioned that the wind farms will be constructed within the vicinity of their existing hydropower plants. This strategic positioning will enable them to optimize operational and logistical synergies, making use of the transmission lines, switchyard, access roads, and other infrastructure already established by the company.
REDC, which is aiming to carry out an initial public offering (IPO) worth P1.15 billion next month, is actively preparing for a robust expansion this year.
Recently, the company forged a memorandum of agreement with Austria-based Gugler Water Turbines GMBH, to collaborate on the development of a 320-MW seawater-pumped storage project in the Philippines.
This partnership will make REDC the pioneering energy developer in the Philippines to have such a project in its portfolio.
Upon the successful commissioning of the 5.8-MW Tibag hydropower plant and the 1.4-MW Lower Labayat hydropower plant, REDC will augment its portfolio with the inclusion of these newly operational hydropower plants.
In addition, the company is constructing two mini-hydro projects (MHP), namely the 15-MW Pulanai project in Bukidnon and the 4.5-MW Piapi project in Quezon.
The aim is for both projects to be fully operational by 2025.
The offering period for the company’s planned IPO has been rescheduled from June 6 to June 16 to the new dates of June 28 to July 14.
The anticipated date for listing the shares is set for July 24.
The IPO proceeds will be allocated towards the company’s expansion plans, which include partially financing the equity portion of the Pulanai MHP and Piapi MHP projects in Bukidnon and Quezon, respectively, as well as acquiring other renewable energy projects.