REDC pumps P6.3B into Bukidnon hydro

Repower Energy Development Corporation (REDC) is expanding its footprint in renewable energy with a P6.3-billion acquisition of a 95 percent stake in Maramag Hydropower Corp. (MHC), developer of the 25-megawatt Pulangi IV project in Bukidnon.

The company said Wednesday that the investment signals REDC’s push to expand indigenous energy capacity in Mindanao by tapping the Pulangi River downstream of its recently commissioned 18.2MW Pulangi facility between Valencia City and San Fernando, Bukidnon.

“Our acquisition of MHC’s Pulangi project marks our second investment in the area, and a significant step in REDC’s mission to expand clean, renewable, and indigenous hydropower for the country,” REDC said.

“Through responsible hydropower development, we can deliver dependable energy generation, while creating meaningful opportunities for the communities of Bukidnon,” the company added.

In the first half of the year, REDC posted a 58 percent jump in net income to P152.20 million, driven by strong hydro conditions.

Clean energy output rose 29 percent to 59.77 million kWh, lifting revenues 28 percent to P359.61 million.

The company credited its performance to favorable hydrology, steady expenses from efficient plant operations, and proactive maintenance.

With the Cabanglasan Hydropower Plant in Bukidnon set to commission in the third quarter, REDC expects to more than double generation capacity and further boost revenues.