Italpinas unloads stake in renewable energy firm

MANILA, Philippines — Italpinas Development Corp. (IDC), a listed real estate developer of sustainable properties in the Philippines, is disposing its entire 25-percent stake in a renewable energy development firm to focus on its real estate business.

In a stock exchange filing, IDC said the company is selling five million shares, which represent its entire shareholdings in Constellation Energy Corp. for P6.5 million.

The sale of the shares will be done through the execution of a deed of assignment of shares between IDC and Constellation Energy as the purchaser of the shares.

Constellation Energy is a renewable energy development firm with development projects in hydroelectric, geothermal and wind technologies.

The company is engaged in the development of renewable energy facilities to provide clean sources of power and assure a stable supply of electricity to Filipino homes and industries.

IDC’s 25-percent equity stake in Constellation Energy provided the company with strategic exposure to growth in the renewable energy industry and the Philippines’ increasing demand for power.

IDC said the sale of its minority stake in Constellation Energy allows the company to fully focus on its core real estate business.

“It streamlines and simplifies financial reporting, and eliminates exposure to non-core performance,” the company said.

IDC has focused on being an early mover in emerging locations.

The company uses passive and active green design strategy in developing high performance real estate properties in up-and-coming cities in the country with high growth potential.

Its first development project was the Primavera Residences located in the Pueblo de Oro Township in Cagayan de Oro City.

Going forward, the company intends to expand in multiple new locations throughout the country as well as develop assets in the tourism and hospitality market.