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Manila Bulletin devider Business devider Raslag eyes capacity expansion in solar ventures

Raslag eyes capacity expansion in solar ventures

Published Jun 7, 2022 03:26 pm

The Nepomuceno-led Raslag Corporation, which just made its listing debut at the Philippine Stock Exchange (PSE) this week, will be expanding its solar business by about 95 megawatt-peak (MWp) capacity.

The firm indicated that it will be utilizing bulk of its P700 million initial public offering (IPO) proceeds “to partially fund the company’s next two solar projects with an aggregate capacity of over 95MWp.”

Currently, Raslag is advancing to completion its third solar farm development with 18MWp capacity – and the commercial operations date (COD) is targeted this month.

Raslag has been one of the pioneer-developers in the renewable energy sector; having completed its first two solar projects of 23.2MWp capacity roughly 10 years ago; and these have been among those qualified by the government for feed-in-tariff (FIT) incentives.

In a roll that was released recently by the Department of Energy (DOE), the third solar power project of Raslag has likewise been listed among the prospective bidders in the Green Energy Auction Program (GEAP) to be undertaken by the government this June 17.

During the firm’s listing at the local bourse on June 6, Raslag Chairman and President Peter G. Nepomuceno asserted the company’s “very clear path to becoming several times larger than we are today.”

To support Raslag’s investment expansion, he specified that the company has “the landbank, resources, and track record to deliver strong organic growth.”

Nepomuceno primarily cited that Raslag is now “ready to energize our third solar farm, which will nearly double our generation capacity,” while emphasizing that “we are also preparing to boost our project pipeline and will be on the lookout for expansion opportunities.”

The IPO, which was priced at P2.00 per share at its listing date, was considered “well-received by institutional and retail investors,” hence, that prompted the company to bring the size of its public float to approximately 26.7-percent.

For the stock offering of Raslag, it engaged China Bank Capital Corporation as the sole issue manager, sole underwriter and sole bookrunner.

According to China Bank President Ryan Matin L. Tapia, Raslag has been introduced to the market “on the conviction that renewable energy should play a leading role in powering our country’s progress.”

He added that the firm’s listing is touted as “the first green IPO of 2022,” and that major milestone coincided with the 100-year corporate anniversary of the Nepomuceno group, a family-led company that long-established its foothold in power distribution via Angeles Electric Corporation (AEC).

Apart from Raslag and AEC, the other business interests of the Nepomuceno group include Angeles Power Inc., which is operating a 30MW power plant; and it also has minority stakes in Clark Energy Distribution Corporation of the Meralco group; as well as in Mindanao Energy Systems Inc. of the Abaya group.

Related Tags

#RASLAG #SOLAR #EXPANSIONPROJECTS #RE #GEAP #PSE
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