New hydro plant helped Repower triple income in H1
MANILA -Tiu family-led Repower Energy Development Corp. (Repower) more than tripled its first semester earnings to P95.7 million with help from a new hydroelectric power plant.
In a stock exchange disclosure on Wednesday, Repower, which listed last July, said power generation increased by 58.01 percent to 35.2 gigawatt-hours (GWh) from 22.3 GWh in the same period last year.
To recall, the company led by businessman Dexter Tiu opened the 5.8-megawatt (MW) Tibag run-of-river mini hydro power plant in Mauban, Quezon province in June. The facility is expected to contribute around P215 million in earnings annually.
READ: Repower adds new mini-hydro plant to expanding portfolio
The company is also currently testing and commissioning the 1.4-MW Lower Labayat hydro plant.
Repower said revenues surged by 64.51 percent to P226.3 million. It is expecting further growth in the second half of the year as it anticipates the completion of other pending projects.
Repower completed its initial public offering last month and raised P1.15 billion, which it said would be used to partially fund the development of the 15-MW Pulanai and the 4.5-MW Piapi hydro projects.
READ: Repower gets Japanese group as IPO anchor investor
The power company earlier announced that it wanted to diversify its portfolio by pursuing wind projects, beginning with a 200-MW wind farm in Quezon province.
Repower president Eric Peter Roxas added they would also be developing more hydro power projects with a potential combined capacity of 1,000 MW in the next five years. INQ
