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Cosco Capital Inc. of businessman Lucio Co is expanding its renewable business with the acquisition of 100 percent of Matuno River Development Corp. .
“The intended transaction offers Cosco Capital Inc. the opportunity to enter into another profitable business within the renewable energy sector. This strategic move will enhance its sustainability profile, demonstrate a commitment to environmental responsibility, while contributing to the country’s overall economic development,” the company said.
MRDC, formed in 2014, is the developer of the Matuno river hydroelectric power plant, a 8.66-megawatt run-of-river hydroelectric power plant in Bambang, Nueva Vizcaya. MRDC is owned by Magis Energy Holdings Corp., a holding company that owns several renewable projects in the Visayas.
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