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Renewable energy producer Repower Development Corp. on Monday listed its shares on the Philippine Stock Exchange after raising P1.15 billion from an initial public offering.
REDC president Eric Peter Roxas said during the listing ceremony the proceeds would enable it to build more renewable plants and enhance shareholder value.
PSE president and chief executive Ramon Monzon commended REDC for braving the market even as several companies had deferred similar plans because of the current the market conditions.
REDC said it would use the proceeds to fund the equity portion of its hydropower projects, the development and acquisition of renewable energy projects and operating and working capital requirements.