MANILA, Philippines — Raslag Corp., the renewable energy platform of the Nepomuceno Group, is gearing up for the development of more solar power projects, as it plans to acquire properties in Nueva Ecija.
Raslag, in a stock exchange filing, said it intends to purchase parcels of land with an estimated aggregate area of 1.009 million square meters in Sta. Rosa, Nueva Ecija for around P807.73 million.
The company said the land would serve as the twin sites for the Raslag VII and Raslag VIII solar power projects, which are planned to connect to the National Grid Corp. of the Philippines’ 69-kilovolt transmission line.
The acquisition will be funded partly through internally generated and a loan from the Bank of the Philippine Islands.
Raslag said the expansion of its overall energy portfolio is expected to generate additional revenues for the stakeholders.
“This will increase the overall energy portfolio of Raslag and generate additional revenues,” the company said.
Raslag made its debut on the Philippine Stock Exchange in June 2022, raising P700 million after selling 350 million common shares at P2 apiece.
The company’s third solar project, Raslag-3, started operations on July 7, 2022.