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Renewable energy developer (RE) Repower Energy Development Corp. (REDC) reported a decline in its net income in 2024 due to higher non-cash costs from its two new hydropower plants.
In a statement on Friday, May 2, REDC said it recorded a net income of ₱119.2 million last year, which was substantially lower than the ₱172.8 million in 2023.
“The financial results for 2024 were impacted by higher non-cash costs due to the start of commercial operations of REDC’s two new hydropower plants,” it stated.
This includes the 5.808-megawatt (MW) Tibag hydropower plant located in Mauban, Quezon. Commissioned in 2023, the plant was initially expected to provide a capacity of 40 gigawatt-hours (GWh) annually.
Another hydropower plant that had a higher non-cash expense was the 1.4-MW Lower Labayat plant in Quezon. The facility was also commissioned in 2023 and was initially set to generate eight GWh of energy annually.
Labayat plant is operated by REDC’s affiliate, Blue Energy Holdings and Management Corp.
Eric Peter Roxas, president and chief executive officer (CEO) of REDC, remains optimistic as last year ended on a better note.
“Despite conditions related to the operating environment being a factor in our higher expenses, REDC still finished 2024 on a high note given the continued strong performance of the run-of-the-river hydropower plants in the key markets we operate in,” he said.
“We have also increased our capital expenditures for the ongoing construction of the 15-MW Pulanai hydropower plant in Bukidnon, which we expect will double the present generation capacity,” Roxas added.
According to REDC, they have scheduled the commissioning of Pulanai hydropower plant in the third quarter of this year, which is ahead of its initial plan of a fourth-quarter commissioning.
“With the positive momentum we have continued to experience over the years, REDC shall maintain its aggressive expansion plan for 2025 in order to maximize our potential and yield a stronger topline and bottom line for the benefit of our shareholders,” Roxas concluded.
