Pampanga-based renewable energy (RE) firm Raslag Corporation is looking to conduct a Php805 million initial public offering (IPO) to expand its solar energy portfolio.
The company aims to raise Php700 million through the sale of 350 million primary shares at Php2 apiece, according to its prospectus filed with the Securities and Exchange Commission.
Proceeds from the primary shares will be used to fund the 35.2-megawatt-peak (MWp) RASLAG-4 solar power plant’s land installment payments to and finance the equity portion of the project’s development and construction. It will also be funding the pre-development work of other solar projects in the pipeline, and other general corporate purposes.
It is also selling 52.5 million secondary shares at the same price, but “will not receive any proceeds from the sale.”
Raslag plans to conduct the IPO from March 7 to 19, while the listing in the Philippine Stock Exchange is tentatively set for March 28.
Including RASLAG-4, the RE firm currently has three solar projects in its pipeline, all located in its home province, with a combined project cost of Php 4.43 billion. The company is looking to complete these projects in the next five years.
The other projects are the 18.011 MWp RASLAG-3 solar power plant worth Php 832 million, set to begin commercial operations in May, and the 60 MWp RASLAG-5 solar power plant.
Derived from the Pampango word aslag, meaning “light,” Raslag is the brainchild of power industry veteran Engr. Peter Nepomuceno. The Nepomucenos own the Angeles Electric Corporation (AEC), Angeles City’s power distributor. AEC recently signed a deal to source power from Solar Philippines Nueva Ecija Corporation – the developer of the 500-megawatt “solar ranch” in Peñaranda, Nueva Ecija