MANILA -The Tiu family’s soon-to-list renewable energy firm Repower Energy Development Corp. is set to beef up its portfolio, composed mostly of mini hydropower plants, by developing several seawater-pumped storage facilities across the country.
In a statement on Thursday, Repower said it had inked an agreement with Austria-based company Gugler Water Turbines GMBH to get the necessary equipment needed for the project.
“This agreement will allow us to diversify the services we provide, thus enabling us to enhance our capabilities as an emerging player in the hydropower space,” said Repower Energy president and chief executive officer Eric Peter Roxas.
First project
The first project will be a 320-megawatt (MW) seawater-pumped storage facility in Luzon, with project elevation estimated at 300 meters above sea level.
Repower Energy did not specify the exact location of the Luzon facility, but said it was already securing endorsements from the affected local government unit and indigenous communities for the development of a pilot 50-MW facility.
According to Repower Energy, Gugler is a current partner of South Korea-based Korea Midland Power Co., which operates the 3.8-MW Shinseocheon seawater hydropower plant.
“We are looking to replicate Gugler’s success in a similar venture it has in South Korea, to further our ultimate goal of uplifting living standards to communities by providing clean energy,” Roxas said.
Last month, Repower Energy unveiled its plans to grow its renewable energy portfolio in the next five years by building hydropower projects with a potential combined capacity of 1,000 MW.
Repower Energy, a subsidiary of businessman Dexter Tiu’s Pure Energy Holdings Corp., recently got approval from the Philippine Stock Exchange and the Securities and Exchange Commission to raise as much as P1.15 billion from an initial public offering (IPO) this month.
The firm is currently operating six mini hydropower plants in Laguna, Quezon and Camarines Sur provinces with a combined capacity of 10.15 MW.
—Meg J. Adonis
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