HYDROPOWER developer Repower Energy Development Corp. (REDC) is boosting its renewable energy portfolio through a P3.925-billion acquisition of an asset in Samar province. In a regulatory filing on Thursday, REDC said it, along with Japan’s Tokai Corp. and South Eastern Energy Corp., is acquiring the entire stake held by Magis Energy Holdings Corp. in Taft hydropower project, as reported by BusinessWorld .
The deal, valued at P3.925 billion, signals REDC’s continued expansion in the hydro sector. The company, along with its partners, will take over the project located in Taft, Eastern Samar, which is expected to contribute to the country’s renewable energy capacity. The acquisition is subject to regulatory approvals.
This move aligns with the Philippine government’s push for renewable energy development, as the country aims to increase the share of renewables in its power mix. REDC and its Japanese partner Tokai Corp. have been actively investing in hydropower projects, reflecting growing foreign interest in the country’s clean energy sector.