REPOWER Energy Development Corp. is further expanding its renewable energy portfolio with the commissioning of its 5.8-megawatt (MW) Tibag run-of-river hydropower in Mauban, Quezon.
“We are pleased to mark the successful commissioning of our newest hydropower plant as this is another milestone for us in expanding our footprint in the renewable energy sector,” Eric Peter Y. Roxas, president of Repower Energy, said in a statement on Monday.
The power plant, which is the company’s seventh hydroelectric facility, is expected to generate about 40 gigawatt-hours a year.
“The Tibag hydropower plant will be a key asset in our goal towards uplifting the living standards of rural and under-electrified communities through clean, renewable energy,” Mr. Roxas said.
The energy company also said its 1.4-MW Lower Labayat hydropower plant is expected to come online with the energization of the transmission line from the powerhouse in the coming weeks.
“Our commitment to sustainability is not just about clean energy nor limiting the possible adverse impact of our operations to stakeholders. It also extends to ensuring that communities will get to benefit from the farm-to-market roads we have built,” Mr. Roxas said.
Repower Energy, a subsidiary of Pure Energy Holdings Corp. is planning to expand its installed energy capacity by 1,000 MW in five years, with its portfolio mainly focusing on hydropower projects.
The company, which plans to list on the Philippine Stock Exchange tentatively on July 24, is expected to raise about P1.15 billion through an initial public offering (IPO).
IPO proceeds will fund expansion plans, including its mini hydroelectric power projects in Bukidnon and Quezon, as well as the development of other renewable energy projects. — Ashley Erika O. Jose