Repower Energy Development Corp. (REDC) has approved the incorporation of a wholly owned subsidiary that will pursue hydropower projects, expanding the company’s renewable energy portfolio.
In a disclosure, REDC said its board approved the incorporation of Iba Hydropower Corp. and authorized the subscription to 12.5 million shares at a par value of P1 per share, representing an initial investment of P12.5 million.
The company said Iba Hydropower Corp. will be wholly owned by REDC and will engage in the operation of hydropower projects in line with the parent’s existing renewable energy business.
The subscription will be paid in cash and held in trust by the treasurer-in-trust pending approval of the subsidiary’s registration by the Securities and Exchange Commission.
The transaction is subject to the SEC’s approval of Iba Hydropower Corp.’s incorporation.
REDC did not disclose details of any specific hydropower project that the new subsidiary will undertake, including its planned capacity, location or development timeline.
