Electric Power Development Co., Ltd. (J-POWER, headquartered in Chuo-ku, Tokyo; President: Toshifumi Watanabe) will acquire a portion of the shares of subsidiaries of Markham Resources Corporation (MRC), a power generation company in the Republic of the Philippines (the Philippines), in order to participate in hydroelectric power generation projects on Mindanao Island, the Philippines.

J-POWER will acquire 40% of the shares of Lake Mainit Hydro Holdings Corporation (LMHHC), which is wholly owned by MRC, and 40% of the shares of Bukidnon Hydro Energy Corporation (BHEC), in which MRC owns 95% of the shares. LMHHC, through Agusan Power Corporation (APC), a company wholly owned by MRC, is constructing the Lake Mainit Hydroelectric Power Plant (25 MW) in northern Mindanao. Commercial operation is set to start in January 2023.

Mindanao has many undeveloped hydropower sites. The development of these sites is expected to help shift the island's electricity supply from fossil fuel-derived power sources, currently the major contributor, to carbon-free power sources. Both projects will play a role in this shift. MRC is a power generation company established in the Philippines in 2014 that develops and operates renewable energy projects, mainly hydropower.

To further expand as a business, MRC has agreed to J-POWER acquiring shares. J-POWER has experience in renewable energy development and operations. MRC will work with J-POWER to jointly develop and operate renewable energy projects, including both of these projects. MRC has also agreed to prioritize working with J-POWER on the development of other renewable energy projects. The J-POWER Group is committed to growing the renewable energy business both in Japan and overseas in order to achieve carbon neutrality, as stated in J-POWER Blue Mission 2050 (announced in February 2021)

Contact:

J-POWER/Electric Power Development Co.,Ltd.

15-1,Ginza 6-Chome,Chuo-ku

Tokyo,104-8165 Japan

TEL: (81)3-3546-2211

FAX: (81)3-3546-9532

(C) 2022 Electronic News Publishing, source ENP Newswire