Repower Energy Development Corp. (REDC). said Monday its net income reached P172.8 million in 2023, up nearly 3 percent from P168 million in 2022 following the commissioning of two new power plants in the fourth quarter of 2023 and the steady generation from its portfolio of run-of-the-river hydropower plants.
Revenues grew 19.5 percent on a year-on-year to P456.6 million from P382 million, primarily due to the completion and commissioning of its 5.8-megawatt Tibag hydropower plant.
REDC’s expenses increased in 2023 compared to 2022 due to non-recurring expenses incurred for its initial public offering (IPO) listing, retirement fund and accounting for the feed-in-tariff (FIT) differentials for the years 2022 and 2023.
“Our consistently strong financial performances give us a strong base to continue growing our potential for the development and acquisition of other hydropower plants. This is so we can grow our portfolio to further increase shareholder value,” REDC president and chief executive Eric Peter Roxas.
REDC said that starting 2024, its long-term expansion strategy would be anchored towards expanding its portfolio, with the ongoing construction of its 15-MW Cabanglasan hydropower plant and 4.5-MW Piapi hydropower plant.
The company is also set to develop a 320-MW seawater pumped storage hydropower facility in Quezon in partnership with Austria-based Gugler Water Turbines GMBH, which would be the first of its kind in the Philippines. If it proves successful, the company hopes to replicate the facility in other areas around the country.
REDC also signed a memorandum of understanding (MOU) with the National Irrigation Administration to build hydropower plants in NIA-owned infrastructure in Quezon, Camarines Sur and Bohol.
