Japanese company increases stake in Repower to 20.1%

MANILA, Philippines – A subsidiary of Japanese conglomerate Tokai Holdings Corp. will inject an additional P486.3 million in recently listed Repower Energy Development Corp. to fund its renewable energy expansion plans.

Tokai Holdings, through Tokai Corp., will purchase an additional 65.1 million shares or 10% of the existing equity at a price of P7.47 per share. This will increase its stake in Repower to 20.1%.

The Japanese-listed company, which has investments in retail, commercial and industrial markets, was a major investor in Repower's initial public offering (IPO) last year, taking a one-third stake in the IPO.

read:Repower secures Japanese group as major IPO investor

Tokai will be entitled to a seat on Repower's board of directors once the investment is completed this week, the Dexter Tiu-led company said in a statement on Tuesday.

expansion plan

Repower President and CEO Eric Peter Roxas added: “This additional funding will serve as fuel for our expansion plans as we look to build a presence in markets we do not yet serve.”

read: New hydropower station helps Repower triple first-half revenue

Repower raised P1.15 billion through its July 2023 IPO to partially fund the development of the 15-megawatt (MW) Pulanai and 4.5-MW Piapi hydroelectric plants in Bukidnon and Quezon provinces, respectively.

Both facilities are scheduled to be completed in the first quarter of 2025.

The company also plans to diversify its renewable energy portfolio through wind power projects, including plans to build a 200-megawatt wind farm in Quezon.

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