Another solar energy firm is planning to go public.
Raslag Corporation is looking to raise up to P805 million from an initial public offering of 350 million common shares (firm shares) at an offer price of up to P2 per share, with an overallotment option of up to 52.5 million secondary common shares.
In its application filed with the Securities and Exchange Commission, Raslag said that, after the completion of the offer, the Firm Shares will represent 23.33 percent of the Company’s issued and outstanding capital stock.
Net proceeds from the offer will be used for the land installment payments for its Pampanga Solar Power Project Phase IV.
Part of its will also be used for the funding for the equity portion of the same project’s development and construction, funding for pre-development work for pipeline of solar projects, and general corporate purposes.
The company has engaged China Bank Capital Corporation as the sole issue manager, sole underwriter, and sole bookrunner for the transaction.
Founded in 2013, Raslag is one of the pioneers of solar energy development in Central Luzon and the Philippines as a whole.
The Company is a brainchild of Engr. Peter G. Nepomuceno, a veteran of Central Luzon commerce and power industry and is currently the patriarch of the Nepomuceno family of Angeles City.
As a first mover during the nascent stages of the country’s renewable energy history, Raslag’s maiden project, the 10.046 Megawatt-peak (MWp) Pampanga Solar Power Project Phase I (RASLAG- 1) was the second solar project to be awarded by the Department of Energy (DOE) eligibility for Round 1 of the Philippines’ Feed-in-Tariff scheme for the Solar technology (the FIT-1) in 2015.
Its second project, the 13.141 MWp Pampanga Solar Power Project Phase II (RASLAG-2) has likewise achieved an enviable milestone—it was the first solar project in the country to have been declared eligible by the DOE for the Solar FIT Round 2 (the FIT-2).
Construction is ongoing for the Company’s third venture, the 18.011 MWp Pampanga Solar Power Project Phase III (RASLAG-3). Completion of RASLAG-3 will almost double the installed capacity of the Company to 41.198 MWp and it is expected to be operational by first quarter of 2022.
Raslag is also in the advanced stages of land acquisition, permitting, and development work for its eventual largest plant, the 35.159 MWp Pampanga Solar Power Project Phase IV (RASLAG-4).
Construction is targeted to commence in the second quarter of 2023 and is expected to follow a similar 8-month timetable before achieving commercial operations status in March 2024.
The Company then plans to build an approximately 60-MW solar plant on a 44-hectare land located at Panipuan, Mexico, Pampanga (RASLAG-5). The land is already fully acquired by the Company at a cost of P321 million. It plans to build RASLAG-5 within the next five years.