Repower Energy Development Corp. (REDC) said it is acquiring a 95-percent equity stake in Maramag Hydropower Corp. (MHC), the developer of the P6.3-billion, 25-megawatt (MW) Pulangi IV project in the Maramag, Bukidnon province.
The acquisition of 32,192,001 common shares of MHC was valued at P32.192 million. The Pulangi IV hydropower project will utilize the Pulangi River downstream of the same river system used in REDC’s recently completed 18.2 MW Pulangi plant facility.
REDC president Eric Roxas said the acquisition is a major step in the company’s mission to expand clean, renewable, and indigenous hydropower for Mindanao.
“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,” Roxas said.
The investment follows REDC’s announcement last month that its wholly owned subsidiary, Cabanglasan Hydropower Corp., commenced testing and commissioning on the 18.2 MW run-of-river hydropower plant located along the Pulangi River. That P4 billion facility, which employed over 900 construction personnel, can generate an average of 130 GWh of power annually, enough to power over 54,000 homes.
