Solar energy developer Raslag Corporation plans to use an estimated P700 million from its initial public offering (IPO) for the development and construction of two solar farms with a combined capacity of about 95 MW (MW).
In a virtual briefing on Wednesday, Raslag president and CEO Peter G. Nepomuseno said land for two solar projects – RASLAG-4 and RASLAG-5 – has already been acquired and is being paid in one installment.
“Improved development work, including land use conversion, is currently underway for both projects,” Mr Nepomuseno said.
The capacity of the two pipeline projects will be 35 MW and 60 MW respectively. They will bring the total number of solar projects of the company to five for a combined capacity of 136 MW. Five solar farm companies will bring the land area to 108 hectares.
In the next 10 years, Raslag wants to build a power generation project with a capacity of at least 250 MW.
Through the IPO, which will run from May 24-30, Nepomuceno Group-owned renewable energy producer P2.00 intends to sell 350 million initial common shares at an offer price.
An overall allotment of 52.5 million secondary common shares could bring alternative offer earnings to P805 million. Raslag’s list is scheduled for June 8.
The company’s two existing solar power plants are the 10.046-MW-peak (MWp) RASLAG-1 and the 13.141-MWp RASLAG-2, both under a base-based Department of Energy (DoE) feed-in-tariff (FiT) system. P9.68 per kilowatt-hour (kWh) and P8.69 per kWh tariffs, respectively.
The company’s third venture, the 18.011-MWp RASLAG-3, will begin commercial operations in May. This will bring Raslag’s total solar power generation to about 41 MWp.
“We are now able to generate more solar energy on less land and at a lower cost. This makes solar energy a particularly attractive alternative in the country, in line with DoE goals, “said Mr Nepomuseno. Ram Christian S. Augustine