Repower Energy Development Corp. (REDC) said it grew its profit last year by 2.85 percent to P172.8 million from P168 million.
Revenues rose 19.5 percent to P456.6 million from P382.0 million, primarily due to the completion and commissioning of its 5.8 megawatt (MW) Tibag hydropower plant.
“Our consistently strong financial performances gives us a strong base to continue growing our potential for the development and acquisition of other hydropower plants. This is so we can grow our portfolio to further increase shareholder value.” said Eric Peter Roxas, REDC president.
“For 2024 and the years beyond it, REDC’s long-term expansion strategy will be anchored towards expanding its portfolio, with the ongoing construction of its 15MW Cabanglasan hydropower plant and its 4.5MW Piapi hydropower plant,” Roxas added.
Roxas said REDC is also set to develop a 320MW seawater pumped storage hydropower facility in Quezon in partnership with Austria-based Gugler Water Turbines GMBH (Gugler).
