Philippine Stock Exchange Approves REDC's IPO for Expansion

Having received clearance from the Department of Energy, Repower Energy Development Corp. (REDC) is now authorized to commence the development of a 200-megawatt wind farm in Quezon.

As announced on Wednesday, REDC has expressed its intention to pursue two wind energy service contracts, strategically locating the wind farms to face the Pacific Ocean.

This advantageous positioning will optimize energy production by harnessing the power of the sea breeze.

The president and CEO of REDC, Eric Peter Y. Roxas, has underscored the company’s plan to construct the wind farms in close proximity to their existing hydropower plants.

By adopting this approach, they aim to maximize operational efficiencies and streamline logistics through the utilization of their current infrastructure, including transmission lines, switchyard, access roads, and other pre-existing facilities.

Concerning the project’s details, REDC’s subsidiary, Pure Energy Holdings Corp., has identified the Silang Maragondon Wind Farm (covering an area of 2,592 hectares) and the Pandan Labayat Wind Farm (covering an area of 2,025 hectares) as the designated sites for these ambitious initiatives.

To facilitate the proposed grid connection, REDC intends to leverage the already established Biga switchyard station, which is presently interconnected with the National Grid Corporation of the Philippines.

It’s worth noting that REDC is already making use of this infrastructure to support their three run-of-river hydropower plants in the vicinity.

Furthermore, the initial public offering (IPO) of REDC has received approval from the Philippine Stock Exchange, following its submission in May.

As part of the IPO, REDC plans to offer 200 million primary common shares, with an additional overallotment option of up to 30 million secondary shares.

These shares will be made available for purchase at a price of P5 per share when the company makes its market debut.

The funds generated from the IPO will be allocated to finance the equity portion of the Pulanai and Piapi mini hydroelectric power plants, as well as to acquire renewable energy projects.

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