Richest Philippine Tycoon Villar Seeks to Boost Renewables
- Villar targets up to 1,000MW of renewables in 3 to 5 years
- PremiereREIT IPO to raise funds to buy sites for power plants
Manuel Villar
Photographer: Ted Aljibe/AFP/Getty Images
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Manuel Villar, the Philippines’ richest tycoon, has joined a heated race of businessmen seeking to expand the nation’s green electricity capacity.
Villar plans to spend the 2 billion pesos ($35.4 million) to 2.31 billion pesos he will raise from Premiere Island Power REIT Corp.’s IPO to buy sites for as many as nine power projects, CEO TJ Mendoza said. The projects will boost the Villar group’s renewable generation capacity to up to 1,000 MW in three to five years, he said in an investors briefing.