REPOWER Energy Development Corp. has signed an agreement with Austria-based Gugler Water Turbines GMBH to develop seawater pumped storage projects in the Philippines.

“We are pleased to enter into a partnership with Gugler — a leading provider of state-of-the-art turbine technology,” Eric Peter Y. Roxas, president and chief executive officer of Repower Energy, said in a media release on Thursday.

Repower Energy, a subsidiary of Pure Energy Holdings Corp., said the memorandum of agreement with Gugler aims to bring seawater pumped storage technology into the country.

“We are looking to replicate Gugler’s success in a similar venture it has in South Korea, to further our ultimate goal of uplifting living standards to communities by providing clean energy,” Mr. Roxas said.

He said the agreement will allow the company to diversify its “capabilities as an emerging player in the hydropower space.”

The energy company said its first project will be a 320-megawatt (MW) seawater pumped storage facility in Luzon.

It added that the elevation of the project will be around 300 meters above sea level, utilizing a lower reservoir for unlimited seawater intake.

Repower Energy said it is now working on securing the necessary endorsement to push through with the project with an initial development of a 50-MW facility.

“The year 2023 promises to be full of potential for [Repower Energy], given our ongoing construction of various run-of-the-river hydropower projects in provinces such as Bukidnon and Quezon,” Mr. Roxas said.

Repower Energy is planning to expand its installed energy capacity by 1 gigawatt in the next five years, with its portfolio mainly focusing on hydropower projects.

The energy company is looking to raise about P1.5 billion through an initial public offering (IPO). It secured clearance from the Philippine Stock Exchange on May 15 for its IPO plan.

Repower Energy is set to offer 200 million primary common shares at a maximum offer price of P5 apiece, with an over-allotment option of up to 30 million shares. — Ashley Erika O. Jose