PHILIPPINES —Repower Energy Development Corp. (REDC), a listed Philippine renewable energy developer, has commenced commercial operations at its 18.2 MW Pulangi run-of-river hydropower plant located in Valencia City and San Fernando, Bukidnon. The facility represents the company’s ninth operating asset and its first project in Mindanao.
The PHP 4 billion development is among the early projects qualified under the Energy Regulatory Commission’s fourth feed-in tariff (FIT-4) program, which provides fixed long-term pricing support. The plant has secured a preliminary tariff of PHP 6.38 per kilowatt-hour, offering revenue visibility through regulated offtake arrangements.
Following testing and commissioning activities initiated last month, the Pulangi facility is expected to generate approximately 130 GWh of electricity annually. The project was funded through proceeds from REDC’s 2023 initial public offering and a PHP 2.6 billion loan from the Land Bank of the Philippines.
The commissioning enhances Mindanao’s renewable generation mix, where hydropower remains a key baseload resource supporting grid stability. For investors and lenders, the project illustrates continued capital deployment into tariff-backed renewable assets in the Philippines, reinforcing the role of policy mechanisms such as FIT-4 in mobilizing private investment and expanding regional clean energy infrastructure.
