Repower Energy Development Corp. said it is pricing is initial public offering (IPO) at P5 apiece, potentially raising for the renewable energy company P1.15 billion in proceeds.
The company’s plans to sell to the public an initial 200 million primary common shares, and another 30 million secondary shares owned by company shareholder Pure energy Holding Corp.
Of the primary proceeds, the company plans to use the proceeds to fund the equity portion of its hydropower projects, the development and/or acquisition of renewable energy projects, and operating and working capital requirements.
The company will use the proceeds to fund the equity portion of the 15-megawatts (MW) Pulanai MHP project located in Bukidnon and of the 4.5MW Piapi MHP project in Quezon Province.
The company has commissioned its 5.8 MW run-of-river hydropower plant in Tibag River, Mauban, Quezon.
The power plant is Repower’s seventh under its hydropower portfolio.
Repower said it expects the plant to generate P215 million in earnings before interest, tax, depreciation and amortization every year.
