Repower Energy Development Corp. (REDC) subsidiary Maramag Hydropower Corp. (MHC) has started work on its P6.3-billion, 25-megawatt Pulangi IV hydropower project in Bukidnon province, marking a significant milestone in the company’s expansion of renewable energy capacity in Mindanao.
The groundbreaking follows REDC’s acquisition of a 95-percent equity stake in MHC, for which it acquired 32,192,001 common shares at P32.192 million.
“This groundbreaking represents the start of our second of several hydropower projects here, that will not only contribute clean and reliable energy to the Mindanao grid but will also support long-term regional development, in line with national energy goals,” said REDC president Eric Roxas.
The Pulangi IV project is a run-of-river hydropower development that will harness the downstream portion of the Pulangi River. This is the same river system that powers REDC’s recently commissioned upstream Pulangi plant facility, located at the border of the city of Valencia and San Fernando.
“Once operational, this hydropower facility will bolster Mindanao’s renewable energy capacity while providing stable and sustainable power to surrounding communities,” said Roxas.
The ceremony was attended by key government and industry figures, including Energy Secretary Sharon Garin, Department of Energy-Renewable Energy Management Bureau director Marissa Cerezo, Power Sector Asset and Liabilities Management Corp. president and chief executive Dennis De la Serna, Pure Energy Holdings chairman and chief executive Dexter Tiu, REDC president Eric Roxas, REDC shareholder and Tokai president Mitsugu Hamazaki, as well as community leaders and stakeholders of the project.
REDC’s net income rose 110 percent in the first nine months of 2025 to P226.1 million from P107.7 million in the same period of 2024.
Revenues reached P526.7 million for the three quarters, a 33-percent increase from P396.6 million a year earlier.
Third-quarter net income soared to P74 million from P11 million a year ago as revenues climbed 43 percent year-on-year to P167 million.
 subsidiary Maramag Hydropower Corp. breaks ground on the P6.3 billion, 25 megawatt Pulangi IV hydropower project in Bukidnon to expand renewable energy capacity in Mindanao.){kind=link}