Philippines-based investment firm, Pure Energy Holdings, was approved by the Philippines Securities and Exchange Commission on March 23 for a P1.58-billion (US$31.5 million) initial public offering of Pure Energy Holdings Corp., according to published information.
The firm has interests in bulk water supply, distribution projects and renewable energy.
According to the firm, one of its subsidiaries, Repower Energy Development Corp. (REDC), represents a US$500 million investment in small hydropower development. In December 2016, a joint venture between the Manila Electric Co. and REDC broke ground on the US$1.334 million 10.6-MW Pulanai hydropower project in Bukidnon.
REDC has a combined total installed capacity of 124 MW via its small hydropower projects located in Laguna, Quezon, Camarines Sur and Bukidnon and is developing additional projects in other provinces, according to Pure Energy Holdings.
Documents filed with the SEC show Pure Energy would sell 930 million common shares, 15.6% of the company’s authorized capital stock, at P1.62 (US$0.032) per share with an option to sell another 46.5 million in secondary shares as an overallotment option.
The Business Inquirer reports the bulk of proceeds will be used by Pure Energy as capital for hydropower projects and the rest will be used for joint venture projects.
REDC says it plans to rapidly grow through strategic acquisition of existing hydropower plants, enhancing their value through operational improvements, focused redevelopment, and the introduction of the latest European technologies.
Earlier this month, HydroWorld.com reported Pure Energy Holdings Corp. signed a partnership with the World Wide Fund for Nature to identify potential for renewable energy projects, with an emphasis on run-of-river hydroelectric plants.