RENEWABLE ENERGY developer Repower Energy Development Corp. (REDC) announced on Monday an agreement with the National Irrigation Administration (NIA) for the development of mini hydropower plants.
The company and NIA have signed a memorandum of understanding seeking to develop mini hydropower plants in three areas where the agency has existing infrastructure, the company said in a statement.
REDC had requested NIA’s permission to conduct comprehensive studies on the economic, financial, and technical viability of the projects.
These projects cover the river irrigation systems in Brgy. Dapdap in Tayabas, Quezon; Brgy. Sta. Justina in Iriga City, Camarines Sur; and Brgy. Poblacion in Pilar, Bohol.
“We would like to thank NIA Administrator Eddie Guillen and the entire organization for their trust and confidence in REDC by allowing us to develop and integrate mini hydropower plants into their existing infrastructure,” REDC President Eric Peter Y. Roxas was quoted as saying.
“These will benefit the Filipino people through renewable energy that will be delivered to their households. At the same time, these projects are designed to uphold the property rights of Filipino farmers so that they can continue with their livelihood,” he added.
REDC is a run-of-river hydropower developer, a subsidiary of Pure Energy Holdings, which has 124 megawatts (MW) of mini-hydropower projects clustered in Laguna, Quezon, Camarines Sur, Bukidnon, and other provinces under development.
The company is currently constructing a 4.5-MW hydropower plant in Quezon and a 20-MW plant in Bukidnon. Both plants are targeted to start operations by the fourth quarter of 2025.
For the third quarter, the company reported an attributable net income of P36.51 million, up 19.3%. Gross revenues went down by 11.9% to P103.26 million.
At the local bourse on Monday, shares of the company went down by P0.20 or 3.33% to close at P5.80 each. — Sheldeen Joy Talavera
