Nepomuceno-led Raslag Corporation is set to expand its solar power business to 95 megawatt-peak (MWp) capacity following its debut on the Philippine Stock Exchange (PSE).
In a Manila Bulletin report, Raslag said that a bulk of the Php 700 million raised from its initial public offering (IPO) will be used to fund the company’s next two solar projects.
Raslag is currently in the process of completing its third solar farm with an 18MWp capacity, slated for commercial operations this month. This project is among the qualified bidders for the first round of the Green Energy Auction Program (GEAP) set for June 17.
The renewable energy company’s chairman and president Peter Nepomuceno said that its third solar farm will “nearly double its generation capacity,” and that Raslag is preparing to boost its project pipeline and is on the lookout for expansion opportunities.
Raslag debuted on the PSE last June 6, with over 1.5 billion shares listed at Php 2.12 per share. The RE company tapped China Bank Capital Corporation as its sole issue manager, sole underwrite, and sole bookrunner for its stock offering.
The RE company is also working on its 35.2 MWp RASLAG-4 solar power plant, which is expected to begin construction by 2023, and commercial operations in 2024.