• March 25, 2024 - Repower enlists yet another backer

    MANILA, Philippines — Tiu-led Repower Energy Development Corp. has gained another investor after an energy firm based in the British Virgin Islands acquired nearly a tenth of its shares for P388.61 million.

    In a stock exchange filing last week, Repower said Climate Energy Advisors Series Three Ltd. had acquired 64.5 million of its shares, equivalent to a 9.95-percent stake.

    Repower has a market capitalization of P4.15 billion to date.

    The power firm, a subsidiary of businessman Dexter Tiu’s Pure Energy Holdings Corp., added that the transaction was meant for Climate Energy to “further accomplish its primary purpose to acquire, own and manage equity interests, shares or assets in one or more subsidiary companies in renewable energy businesses in the Philippines.”

    The company likewise clarified that Climate Energy did not intend to enter into a merger agreement with Repower, nor would it acquire additional shares.

    Repower officially listed in the local bourse in June 2023, raising P1.15 billion in its initial public offering (IPO) to expand its renewable energy portfolio.

    Last month, Tokai Corp., a subsidiary of Japanese conglomerate Tokai Holdings Corp., injected an additional P486.3 million in capital into Repower.

    This raised its stake in Repower to 20.1 percent from 10 percent.

    The Japan-listed company, which has investments across retail, commercial and industrial markets, was an anchor investor in Repower’s IPO, acquiring a third of the IPO shares.

    Full article here.

  • March 20, 2024 - Repower snags contracts for additional wind farms

    MANILA, Philippines — Green energy in the Philippines appears to continue revving up as the Department of Energy (DOE) awarded three service contracts to Repower Energy Development Corp. (REDC) of businessman Dexter Tiu to build wind power projects.

    In a stock exchange filing on Tuesday, Repower said the wind energy service contracts awarded by the department—all valid for 25 years—involve the construction of three wind farms in Real and Mauban towns in Quezon province with an aggregate capacity of 500 megawatts (MW).

    The construction of wind farms in Quezon will begin later this year and Repower said it plans to have the wind turbines shipped via sea.

    Repower said this development allows them to further expand its portfolio of clean energy facilities.

    “Developing our wind-energy capabilities will complement our core capabilities in operating run-of-river hydropower plants, enabling REDC to continue enjoying its ongoing multiyear growth in revenue and net income,” Repower president and CEO Eric Peter Roxas said.

    The largest among the three wind projects is the 200-MW Real Offshore Wind Farm which will be built in an area covering 14,661 hectares.

    Repower will also build the 100-MW Silang Onshore Wind Farm covering 2,592 hectares and the 100 MW Mauban Offshore Wind Farm spanning 3,888 hectares.

    On top of the three wind facilities, the listed firm is also undertaking the 100-MW Pandan Labayat Onshore Wind Farm in the province.

    These projects are all located within the vicinity of Repower’s three operating hydropower plants. It also operates a large switching station directly connected to the grid operated by the National Grid Corp. of the Philippines.

    Repower, a subsidiary of Pure Energy Holdings Corp., is a renewable energy developer that plans to grow their business through strategic acquisition of both greenfield projects and existing hydropower plants.

    Full article here.

  • March 20, 2024 - Repower Energy secures wind contracts

    REPOWER Energy Development Corp. (REDC) said Tuesday it had been awarded 500 megawatts of wind energy service contracts by the Department of Energy, allowing the company to further its portfolio of clean energy facilities across the country.

    The 25-year onshore and offshore wind contracts will allow the company to build four wind farms in the towns of Real and Mauban in Quezon province.

    These include the 100-MW Silang onshore wind farm, which will cover 2,592 hectares of land, the 100-MW Mauban offshore wind farm on 3,888 hectares and the 200-MW Real offshore wind farm on 14,661 hectares of land.

    "In addition to the three wind projects above, the company is also pursuing the 100-MW Pandan Labayat onshore wind farm in Quezon, which will cover 2,025 hectares of land," the company said in a disclosure.

    The planned wind projects, it continued, are situated within the vicinity of its three operating hydropower plants in the area "where it operates a base for the province." It also operates a large switching station directly connected to the National Grid Corp. of the Philippines grid.

    It plans to have its wind turbines shipped by sea and begin construction of its Quezon wind farms later this year, the company said.

    "REDC is committed to providing accessible, affordable and sustainable energy to the underserved Filipino communities, and these new wind energy service contracts will allow us to succeed in continuing achieving this goal," REDC President and Chief Executive Officer Eric Peter Roxas said.

    "Developing our wind-energy capabilities will complement our core capabilities in operating run-of-river hydropower plants, enabling Repower Energy to continue enjoying its ongoing multiyear growth in revenue and net income," he added.

    Repower Energy's shares last traded on March 18 at P6.78 each.

    Full article here.

  • March 20, 2024 - REDC bags 500MW wind energy service contracts from DOE

    Repower Energy Development Corp. (REDC), a subsidiary of Pure Energy Holdings, has secured 500 megawatts (MW) of wind energy service contracts from the Department of Energy (DOE).

    These are the 100 MW Silang Onshore Wind Farm, 100 MW Mauban Offshore Wind Farm, and 200 MW Real Offshore Wind Farm. These onshore and offshore wind contracts, which are all valid for 25 years, would allow the company to build these wind farms in Real and Mauban, Quezon Province.

    Moreover, REDC is pursuing the 100 MW Pandan Labayat Onshore Wind Farm in Quezon, which will cover 2,025 hectares of land.

    The projects are all situated within the vicinity of REDC’s 3 operating hydropower plants in the area. It also operates a large switching station that is directly connected to the grid operated by the National Grid Corporation of the Philippines.

    A jetty port, currently being built by one of the country’s leading conglomerates, is nearby REDC’s property. The company plans to have its wind turbines shipped via sea and start its construction of wind farms in Quezon later this year.

    “REDC is committed to providing accessible, affordable, and sustainable energy to the underserved Filipino communities, and these new Wind Energy Service Contracts will allow us to succeed in continuing achieving this goal,” said REDC President Eric Peter Y. Roxas.

    “Developing our wind-energy capabilities will complement our core capabilities in operating run-of-the-river hydropower plants, enabling REDC to continue enjoying its ongoing multi-year growth in revenue and net income.”

    The company is the first pure play hydropower company to be listed in the Philippine Stock Exchange.

    Its initial public offering garnered strong support from institutional investors, securing Japan-listed Tokai Holdings Corp. as an anchor investor, enabling the deal arranger to partially exercise the overallotment option. The proceeds were used to fund the equity portion of its new projects, as well as the acquisition of renewable energy projects.

    Full article here.

  • March 20, 2024 - REDC clinches 500-MW wind energy service contracts

    The Department of Energy, or DoE, has awarded 500 megawatts, or MW, of Wind Energy Service Contracts to Repower Energy Development Corp., or REDC, a unit of Pure Energy Holdings, a move that enables the company to further expand its portfolio.

    The contracts, which are valid for 25 years, cover the construction of onshore and offshore wind farms in Real and Mauban, Quezon Province — the 100-MW Silang Onshore Wind Farm, 100-MW Mauban Offshore Wind Farm, and 200-MW Real Offshore Wind Farm.

    Aside from these ventures, the awarded contract also includes the development of 100 MW Pandan Labayat Onshore Wind Farm in Quezon province, which will cover 2,025 hectares of land.

    Committed

    “REDC is committed to providing accessible, affordable, and sustainable energy to the underserved Filipino communities, and these new Wind Energy Service Contracts will allow us to succeed in continuing to achieve this goal,” Eric Peter Y. Roxas, President and CEO of REDC, said.

    “Developing our wind-energy capabilities will complement our core capabilities in operating run-of-the-river hydropower plants, enabling REDC to continue enjoying its ongoing multi-year growth in revenue and net income.”

    REDC recently completed the development of its 5.8 megawatts, or MW, Tibag plant and 1.4 MW Lower Labayat plant in Quezon. These two plants are expected to increase REDC’s overall power generation capacity by 50 percent.

    According to REDC, two more plants are currently under construction, with the 15 MW Cabanglasan plant in Bukidnon expected to be commissioned ahead of schedule in 2025.

    Full article https://tribune.net.ph/2024/03/19/redc-clinches-500-mw-wind-energy-service-contracts.

  • March 20, 2024 - DoE awards 500-MW wind contracts to Repower Energy

    THE ENERGY department has awarded wind energy service contracts with a total capacity of 500 megawatts (MW) to Repower Energy Development Corp. (REDC), the renewable energy developer said on Tuesday.

    The 25-year onshore and offshore wind contracts allow the company to build wind farms in Real and Mauban towns in Quezon province, REDC said in a stock exchange disclosure.

    The contracts encompass the 100-MW Silang onshore wind farm covering 2,592 hectares, the 100-MW Mauban offshore wind farm covering 3,888 hectares, and the 200-MW Real offshore wind farm covering 14,661 hectares.

    REDC will also pursue the 100-MW Pandan Labayat onshore wind project, which will cover 2,025 hectares, in Quezon province.

    The projects are situated within the vicinity of the company’s three operating hydropower plants in the area.

    The company also operates a large switching station that is directly connected to the grid of the National Grid Corp. of the Philippines.

    “Developing our wind-energy capabilities will complement our core capabilities in operating run-of-the-river hydropower plants, enabling REDC to continue enjoying its ongoing multi-year growth in revenue and net income,” REDC President and Chief Executive Officer Eric Peter Y. Roxas said.

    For the third quarter, the company recorded an attributable net income of P36.51 million, up 19.3%.

    Gross revenues declined by 11.9% to P103.26 million.

    REDC is a run-of-river hydropower developer, a subsidiary of Pure Energy Holdings, which has 124 MW of mini-hydropower projects clustered in Laguna, Quezon, Camarines Sur, Bukidnon, and other provinces under development.

    Last year, REDC secured clearance from the Department of Energy (DoE) to develop its first wind power projects totaling 200 MW in Quezon province.

    Full article here.

  • March 19, 2024 - Repower bags 500-MW wind power contracts

    The Department of Energy (DOE) awarded Repower Energy Development Corp. (REDC) wind energy service contracts totaling 500 megawatts that would further expand its portfolio of clean-energy facilities around the country.

    The 25-year wind contracts would allow the company to build the wind farms in Real and Mauban in Quezon province.

    “REDC is committed to providing accessible, affordable, and sustainable energy to the underserved Filipino communities, and these new wind energy service contracts will allow us to succeed in continuing achieving this goal,” REDC president and chief executive Eric Peter Roxas said in a statement to the Philippine Stock Exchange Tuesday.

    “Developing our wind-energy capabilities will complement our core capabilities in operating run-of-the-river hydropower plants, enabling REDC to continue enjoying its ongoing multi-year growth in revenue and net income,” he said.

    The projects include the 100-MW Silang onshore wind farm covering 2,592 hectares of land, the 100-MW Mauban offshore wind farm on 3,888 hectares, the 200-MW Real offshore wind farm covering 14,661 hectares and the 100-MW Pandan Labayat onshore wind farm spanning 2,025 hectares.

    The company said it plans to have its wind turbines shipped via sea and start its construction of wind farms in Quezon later this year.

    The projects are situated within the vicinity of REDC’s 3 operating hydropower plants, where it operates a base for the province. It also operates a large switching station that is directly connected to the grid operated by the National Grid Corporation of the Philippines (NGCP).

    REDC, a subsidiary of Pure Energy Holdings, said a jetty port, being built by one of the country’s leading conglomerates, is near its property that it could use for its equipment.

    Full article here.

  • March 19, 2024 - Repower Energy Development Awarded 500Mw Wind Contracts By Department Of Energy


    March 19 (Reuters) - Repower Energy Development Corp REDC.PS:

    - AWARDED 500MW WIND CONTRACTS BY DEPARTMENT OF ENERGY

    - UNDER CONTRACTS CO TO BUILD WIND FARMS IN REAL & MAUBAN, QUEZON PROVINCE

    Full article here. Copyrights to this article are reserved to the author.

  • March 15, 2024 - REDC’s IPO gains recognition

    Repower Energy Development Corp. (REDC), the pure hydropower subsidiary of Pure Energy Holdings Corp., was recognized at The Asset Triple A Awards as “Best IPO – Philippines” during a March 12 ceremony held in Hong Kong.

    In granting the award, The Asset’s board of editors said REDC’s IPO garnered strong support from institutional investors — in particular Japan-based TOKAI Corp., which served as an anchor investor. This enabled China Bank Capital Corp. to partially exercise the over-allotment option for the offering.

    REDC sold 200 million shares at Php 5.00 apiece in its public offering with listing last July 24, 2023, thus valuing the IPO at P1 billion. There was an over-allotment that allowed for the sale of up to 30 million common shares.

    The proceeds from the offering are being primarily used for various purposes — such as the ongoing construction of its 15 MW Cabanglasan hydropower plant in Bukidnon and 4.5 MW Piapi hydropower plant in Quezon. The construction of the 15 MW Cabanglasan hydropower plant is ahead of schedule and is projected to double REDC’s income generation, thus enhancing shareholder value.

    Full article here

  • March 12, 2024 - Repower Energy Development Corporation awarded The Asset Triple A Award for Best IPO 2023



    During the The Asset’s annual awarding ceremony held March 12,2024, Repower Energy Development Corporation was awarded The Asset Triple A Award for Best IPO 2023. The award was received by Michelle Roxas, assistant CFO, together with Evan Tan and Marian Carlos from China Bank Capital Corporation, the company’s underwriter, issue managers and bookrunner during its IPO last July.

    The company is the first pure play hydropower company to be listed in the Philippine Stock Exchange. The IPO garnered strong support from institutional investors - securing Japan-listed TOKAI Holdings Corporation as an anchor investor - enabling the deal arranger to partially exercise the overallotment option. The proceeds were used to fund the equity portion of its new projects, as well as the acquisition of renewable energy projects. The stock was trading at 40% above the IPO price of 5 pesos per share at the start of 2024.

    The Asset Triple A Awards are the pre-eminent recognition for those that have excelled in their respective industry. The Asset recognizes a number of regional issuers and advisers for their roles in leading landmark deals and advancing the ESG conversation.


  • February 14, 2024 - Japanese firm raises stake in Repower to 20.1%

    MANILA, Philippines -A subsidiary of Japanese conglomerate Tokai Holdings Corp. will inject an additional P486.3 million capital into recently listed Repower Energy Development Corp. to fund its renewable energy expansion plans.

    Tokai Holdings, through Tokai Corp., will purchase an additional 65.1 million shares or 10 percent of existing equity at P7.47 each. This will increase its stake in Repower to 20.1 percent.

    The Japan-listed company, which has investments across retail, commercial and industrial markets, was an anchor investor in the initial public offering (IPO) of Repower last year, acquiring a third of the IPO shares.

    Repower raised P1.15 billion from its IPO in July 2023 to partially fund the development of the 15-megawatt (MW) Pulanai and 4.5-MW Piapi hydroelectric power plants in Bukidnon and Quezon province, respectively.

    Both facilities are scheduled for completion in the first quarter of 2025. These will add to Repower’s current portfolio, consisting of seven mini-hydroelectric power plants with a combined capacity of at least 11.55 MW.

    The company also plans to diversify its renewable energy portfolio by pursuing wind projects, including a planned 200-MW wind farm in Quezon.

    Full article here

  • February 14, 2024 - Japanese firm to double stake in REDC

    MANILA, Philippines — Japanese conglomerate Tokai Corp. will double its equity exposure in Repower Energy Development Corp. (REDC), a subsidiary of Pure Energy Holdings Corp.

    With an existing 10 percent stake, Tokai said it would buy an additional 65.1 million shares from REDC, increasing its total interest to 20.1 percent.

    The shares will be bought at P7.47 apiece, based on the average daily volume-weighted average price in January.

    “Tokai’s additional investment in REDC signifies the strengthening partnership between the two companies, will enhance the corporate value of REDC and it shall create synergy for both of us in developing projects locally and internationally,” REDC president and CEO Eric Peter Roxas said.

    The additional investment will entitle Tokai to another seat in the energy firm’s board.

    “This additional capital shall serve as fuel for our expansion plans as we look to build a presence in markets we have yet to serve,” Roxas said.

    Tokai, with an annual revenue of 180 billion yen, operates 39 subsidiaries and 10 affiliates with investments across retail, commercial and industrial markets.

    Meanwhile, REDC is known as a developer of run-of-the-river (ROR) hydropower plants, such as the 5.8 MW Tibag plant and 1.4 MW Lower Labayat plant in Quezon. Both projects are expected to increase REDC’s overall power generation capacity by 50 percent.

    Full article here

  • February 14, 2024 - TOKAI hikes stake in Repower

    Japan’s TOKAI Holdings Corp. is increasing its stake in renewable energy firm Repower Energy Development Corp. (REDC).

    TOKAI, an anchor investor to REDC’s initial public offering in July last year by purchasing a 10 percent stake, is buying an additional 65.1 million shares that will increase its stake to 20.1 percent.

    “The shares will be bought at P7.47 apiece, which was based on the average daily volume-weighted average price from January 1 to 31,” the company said.

    REDC closed Tuesday’s trade at P7.26.

    “The investment will be made in the week of February 12, and will entitle TOKAI to a seat in REDC’s board. This is part of TOKAI’s initiatives to achieve carbon neutrality throughout its operations by 2050, and signifies confidence in REDC’s profitability and long-term growth potential,” TOKAI said.

    Eric Peter Roxas, REDC chief executive officer, said TOKAI’s additional investment “signifies the strengthening partnership between the two companies.”

    “It shall create synergy for both of us in developing projects locally and internationally. This additional capital shall serve as fuel for our expansion plans as we look to build a presence in markets we have yet to serve,” he added.

    Full article here

  • February 14, 2024 - Japan’s Tokai hikes stake in Pure Energy subsidiary

    Tokai Corp. will increase its stake in Repower Energy Development Corp. (REDC), a subsidiary of Pure Energy Holdings Corp., to 20.1 percent.

    Tokai, which was an anchor investor to REDC’s initial public offering (IPO) by purchasing a 10-percent stake, will purchase an additional 65.1 million shares.

    The shares will be bought at P7.47 apiece, which was based on the average daily volume-weighted average price from January 1 to 31.

    Tokai will have a seat in REDC’s board as result of this additional investment. This investment, the company added, is part of its initiatives to achieve carbon neutrality throughout its operations by 2050, and “signifies confidence in REDC’s profitability and long-term growth potential.”

    “Tokai’s additional investment in REDC signifies the strengthening partnership between the two companies, will enhance the corporate value of REDC, and it shall create synergy for both of us in developing projects locally and internationally,” said REDC President Eric Peter Y. Roxas.

    “This additional capital shall serve as fuel for our expansion plans as we look to build a presence in markets we have yet to serve.”

    Tokai is the consolidated subsidiary of Tokai Holdings Corp., a Japan-listed conglomerate engaged in the energy business, such as the sale of liquefied petroleum gas.

    Primarily known as a developer of run-of-the-river hydropower plants, REDC recently completed the development of its 5.8 megawatt (MW) Tibag plant and 1.4 MW Lower Labayat plant in Quezon. These two plants are expected to increase REDC’s overall power generation capacity by 50 percent.

    Two more plants are currently under construction, with the 15 MW Cabanglasan plant in Bukidnon expected to be commissioned ahead of schedule in 2025.

    REDC raised some P1 billion from its IPO last July 2023. The company said it will use the proceeds to fund the equity portion of its hydropower projects, the development and acquisition of renewable energy projects and operating and for its working capital requirements.

    Full article here

  • February 14, 2024 - Japan's Tokai Announces Increase in Stake in Pure Energy Subsidiary

    Tokai Corp.will increase its stake in Repower Energy Development Corp.(REDC), a subsidiary of Pure Energy Holdings Corp., to 20.1 percent.

    REDC raised some P1 billion from its IPO last July 2023.

    The shares will be bought at P7.47 apiece, which was based on the average daily volume-weighted average price from January 1 to 31.

    Full article here

  • February 13, 2024 - Tokai Corp Boosts Stake in Repower Energy: A Leap Towards Green Energy

    Tokai Corp ups its stake in Repower Energy, moving towards carbon neutrality by 2050. The partnership will boost Repower's expansion plans, including the development of the Cabanglasan plant and diversification into wind projects.

    Japanese Giant Doubles Down on Renewable Energy

    In a significant move towards carbon neutrality, Tokai Holdings Corp., the Japanese conglomerate, is set to boost its stake in Repower Energy Development Corp. (REDC). The decision comes as Tokai plans to acquire an additional 65.1 million shares, amounting to P486.3 million, which will raise its stake in REDC to 20.1 percent.

    Tokai's strategic investment is a testament to its commitment to achieving carbon neutrality by 2050 and its confidence in REDC's growth potential. Eric Peter Y. Roxas, REDC President, emphasized that this partnership would enhance the company's corporate value and create synergy for developing projects locally and internationally.

    Accelerating Repower's Expansion Plans

    As a developer of run-of-the-river hydropower plants, REDC has recently completed the Tibag and Lower Labayat plants in Quezon, contributing to a 50 percent increase in its power generation capacity. With the additional capital from Tokai's investment, REDC plans to expedite the development of the 15-MW Cabanglasan plant in Bukidnon province, aiming for commissioning ahead of schedule in 2025. Advertisement

    Furthermore, REDC intends to leverage the partnership to build a presence in new markets and diversify its portfolio by pursuing wind projects. The company raised P1 billion from its IPO in July 2023, which will be utilized for funding hydropower projects, renewable energy projects, and working capital requirements.

    Tokai's Energy Pursuits

    Tokai Corp., a consolidated subsidiary of Tokai Holdings Corp., is primarily engaged in the energy business, including the sale of liquefied petroleum gas. This latest investment in REDC signifies a growing interest in renewable energy sources, aligning with the global trend towards cleaner and more sustainable power solutions.

    Tokai Corp and Repower Energy are joining forces to reshape the renewable energy landscape, as today's investment paves the way for a greener and more sustainable future.

    Full article here

  • February 13, 2024 - Japan's TOKAI doubling stake in REDC

    TOKAI Corporation of Japan is investing an additional P3.43 billion in publicly-listed renewable energy firm Repower Energy Development Corporation, a subsidiary of Pure Energy Holdings Corporation, to double its stake to 20.1 percent.

    In a statement, REDC said TOKAI Corporation is the consolidated subsidiary of TOKAI Holdings Corporation, a Japan-listed conglomerate engaged in the energy business, such as the sale of liquefied petroleum gas.

    TOKAI will purchase an additional 65.1 million shares equivalent, to a 10.1 percent interest in REDC to increase its of REDC, at P7.47 apiece, which was based on the average daily volume-weighted average price from Jan. 1 to 31.

    The Japanese firm was an anchor investor to REDC’s initial public offering by purchasing a 10 percent stake.

    The additional investment will be made in the week of Feb. 12, and will entitle TOKAI to a seat in REDC’s board.

    “This is part of TOKAI’s initiatives to achieve carbon neutrality throughout its operations by 2050, and signifies confidence in REDC’s profitability and long-term growth potential,” REDC said.

    REDC President and CEO Eric Peter Y. Roxas said “TOKAI’s additional investment in REDC signifies the strengthening partnership between the two companies, will enhance the corporate value of REDC, and it shall create synergy for both of us in developing projects locally and internationally.”

    He noted that “this additional capital shall serve as fuel for our expansion plans as we look to build a presence in markets we have yet to serve.”

    Primarily known as a developer of run-of-the-river hydropower plants, REDC recently completed the development of its 5.8 MW Tibag plant and 1.4 MW Lower Labayat plant in Quezon. These two plants are expected to increase REDC’s overall power generation capacity by 50 percent.

    Two more plants are currently under construction, with the 15 MW Cabanglasan plant in Bukidnon expected to be commissioned ahead of schedule in 2025.

    Full article here

  • February 13, 2024 - Japan’s Tokai acquires P486-m shares to hike Repower Energy stake to 20.1%

    Japanese conglomerate Tokai Corp. is increasing its stake in Repower Energy Development Corp. (REDC) with the acquisition of 65.1 million common shares worth P486.3 million.

    Tokai, an anchor investor in REDC’s initial public offering last year, said it would purchase additional 65.1 million REDC shares at P7.47 apiece. This will increase Tokai’s stake in REDC to 20.1 percent.

    The price was based on REDC’s average daily volume-weighted price from Jan. 1 to 31, 2024.

    REDC said the investment, to be finalized this week by way of a block sale at the Philippine Stock Exchange, would entitle Tokai to a REDC board seat.

    This is part of Tokai’s initiatives to achieve carbon neutrality throughout its operations by 2050 and signifies confidence in REDC’s profitability and long-term growth potential.

    “Tokai’s additional investment in REDC signifies the strengthening partnership between the two companies, will enhance the corporate value of REDC and will create synergy for both of us in developing projects locally and internationally,” said REDC president and chief executive Eric Peter Roxas.

    “This additional capital will serve as fuel for our expansion plans as we look to build a presence in markets we have yet to serve,” he said.

    REDC, a developer of run-of-the-river hydropower plants, recently completed the development of its 5.8-megawatt (MW) Tibag plant and 1.4-MW Lower Labayat plant in Quezon province.

    The two plants are expected to increase REDC’s overall power generation capacity by 50 percent.

    Two more plants are under construction, with the 15-MW Cabanglasan plant in Bukidnon province expected to be commissioned ahead of schedule in 2025.

    Tokai is wholly-owned by Tokai Holdings Corp., a listed company in the Tokyo Stock Exchange. The principal business of the company is energy, including the manufacture and sale of liquefied petroleum gas, liquefied natural gas, high-pressure gas and gas equipment.

    Tokai initially acquired a 10-percent stake during REDC’s maiden share offering.

    REDC is a wholly-owned subsidiary of Pure Energy Holdings Corp., an investment holding company that engages in renewable energy generation and water system management and distribution.

    Full article here

  • February 9, 2024 - Japanese firm Tokai hiking stake in REDC

    Japanese conglomerate Tokai Corp. plans to increase its stake in listed Repower Energy Development Corp. by at least 15 percent through a block sale.

    REDC said in a disclosure to the Philippine Stock Exchange that it received communication from Tokai, notifying its intention to acquire at least 15 percent of the corporation’s equity securities.

    Tokai initially subscribed to 65 million common shares in REDC, equivalent to 9.99 percent of its total outstanding capital stock in July 2023.

    “As a strategic investment, Tokai now intends to further acquire from Pure Energy Holdings Corp. an additional 65,100,000 common shares in REDC, which will be implemented by way of a block sale through the facilities of the PSE. Once implemented, such acquisition will result to Tokai’s ownership of 20.01 percent of the total outstanding capital stock of REDC,” Tokai said in a letter to the Securities and Exchange Commission.

    Tokai is wholly-owned by Tokai Holdings Corp., a listed company in the Tokyo Stock Exchange. The principal business of the company is energy, including the manufacture and sale of liquefied petroleum gas, liquefied natural gas, high pressure gas and gas equipment.

    REDC earlier said Tokai would participate in its planned initial public offering as an anchor investor.

    “We are pleased on Tokai’s commitment to participate in our IPO as this is a testament to the market’s growing interest in our company,” REDC president and chief executive Eric Peter Roxas said.

    “We look forward to taking advantage of the synergies available to us as a result of our partnership with Tokai, such as our expansion into the Japanese renewable energy market, specifically run-of-the-river hydropower projects where our expertise and Tokai’s reach in Japan will prove invaluable,” Roxas said.

    Full article here

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