REDC acquires P6.3-B Pulangi hydropower project in Bukidnon
Repower Energy Development Corp. (REDC) has acquired a 95-percent stake in Maramag Hydropower Corp. (MHC) for the development of a P6.3-billion, 25-megawatt hydropower project in Bukidnon.
The project will rise downstream of the Pulangi River, the same waterway that feeds REDC’s 18.2-MW Pulangi plant. Straddling Valencia City and San Fernando town, the latter began operating earlier this year.
“Our acquisition of MHC’s Pulangi project marks our second investment in the area, and a significant step in REDC’s mission to expand clean, renewable and indigenous hydropower for Mindanao.” REDC president Eric Y. Roxas said.
The disclosure showed the company bought 32,192,001 common shares at P1 apiece, for a total aggregate purchase price of P32.19 million.
Roxas also said that developing more capacity along the Pulangi River would help deliver reliable power while opening economic opportunities for nearby communities.
“Harnessing the Pulangi River’s potential through responsible hydropower development allows us to deliver dependable energy generation, while creating meaningful opportunities for the communities of Bukidnon,” he added.
REDC, part of the Pure Energy group, has been expanding its run-of-river portfolio nationwide and has identified Mindanao as a key growth area. The company has not yet announced a target completion date for Pulangi IV.
Apart from the Bukidnon facility, REDC said it is also building the 4.5-MW Piapi hydropower project in Quezon province. The firm aims to complete this project by end-2027.
REDC earlier said it is accelerating project execution to support growing demand in northern Mindanao and to contribute to the grid’s need for stable baseload renewable capacity.
The firm added it is preparing to break ground on four additional hydropower projects in the coming months. This represents a combined capital expenditure of P10.3 billion.
REDC now has nine operating hydropower plants nationwide.
