Repower Energy Development Corp. (REDC) plans to put up a saltwater energy plant in the Philippines, tapping into Austrian technology.
The company, which is in the mid of a P1.15-billion initial public offer (IPO), said its unit Pure Energy Holdings Corp. signed a memorandum of agreement (MOA) with Austria-based Gugler Water Turbines GMBH for the development of seawater pumped storage projects for a seawater hydropower plant at several designated sites around the Philippines.
Gugler is the technology partner of Korea Midland Power Co. which operates the Shinseocheon Seawater Hydropower Plant in South Korea.
“This partnership will bring this proprietary technology to the country, allowing REDC to be the first energy developer to have seawater pumped storage projects in its portfolio,” the company said.
The company is initially looking at a 320 megawatts (MW) seawater-pumped storage facility in Luzon, which will have an elevation of 300 meters above sea level.
