Roxas and Company Inc. (RCI) said on Tuesday it will invest P1.7 billion in creating a wholly owned subsidiary engaged in renewable power generation.
It said in a disclosure to the Philippine Stock Exchange the RCI board of directors has approved the creation of a company that will hold “develop, construct, and operate a possible 30 to 50 megawatt renewable energy project in Nasugbu, Batangas with a total project cost of about P1.7 billion.”
The investment marks RCI’s first venture into the power generation business. The company has been engaged mainly in real estate and sugar milling.
For 2014 fiscal year ending in September, RCI consolidated net income surged by 403 percent to P2.28 billion from P431.8 million even though consolidated revenues declined to P6.17 billion from P7.77 billion a year ago.
RCI is the holding firm of the Roxas Group of Companies with interests in real estate (Roxaco Land Corp.), sugar milling (Roxas Holdings Inc.), warehouse leasing (United Ventures Corp.) and manufacturing (Nasugbu Feeds Corp).