REDC Invests PHP 280M in Hydropower Expansion

Repower Energy Development Corp. (REDC) has invested PHP 280.8 million from its initial public offering (IPO) proceeds in the first quarter of 2025 to support renewable energy development in the Philippines.

The funds were primarily directed toward two major run-of-river mini-hydropower projects: the 15-megawatt Pulanai facility in Valencia City, Bukidnon, and the 4.5-megawatt Piapi plant in Mauban, Quezon.

In a disclosure filed for the quarter ending March 31, REDC said it allocated PHP 188.1 million to partially fund the equity share for the Pulanai project and PHP 47 million for the Piapi project.

Both facilities are scheduled for completion in the first quarter of 2025 and are expected to contribute significantly to REDC’s existing portfolio of seven mini-hydropower plants with a combined capacity of 11.55 megawatts.

REDC also disbursed PHP 45.3 million to support other renewable energy initiatives and PHP 425,000 for trust fees.

“The deployment of IPO proceeds reflects our aggressive push toward renewable energy investments that are both sustainable and community-focused,” REDC President and CEO Eric Peter Y. Roxas said.

The company raised PHP 1 billion in gross proceeds from its IPO in July 2023, with actual net proceeds of PHP 952.2 million after expenses of PHP 47.8 million.

As of March 31, REDC had fully used the PHP 280.8 million allocated for the first quarter of 2025.

Roxas said the company’s focus on run-of-river hydropower “is a strategic move that aligns with our long-term vision of delivering clean and reliable energy to underserved areas.”

The Pulanai and Piapi projects are part of REDC’s broader push to scale its renewable capacity and contribute to the Philippines’ national renewable energy targets.

“We are proud of how these projects support inclusive growth while pushing the boundaries of sustainable development,” Roxas added.

REDC has also signaled plans to diversify into wind energy, including a proposed 200-megawatt wind farm in Quezon currently under study.

In the first half of 2023, the company reported a 64.51% increase in revenue to PHP 226.3 million, driven by strong performance across its operational hydropower assets.

The successful utilization of IPO funds marks a significant milestone in REDC’s ongoing efforts to expand its clean energy footprint and strengthen the country’s transition to low-carbon power sources.