Nepomuceno-led Raslag Corp. will begin deploying its proceeds from its recent initial public offering (IPO) and will be tapping banks to fund its two solar power projects.
In a disclosure to the Philippine Stock Exchange (PSE), Ralsag said that most of the IPO earnings will be allocated to its 35.159 megawatt-peak Raslag-4 solar plant in Magalang, Pampanga.
The renewable energy company was able to raise Php 700M in its debut on the stock exchange.
As for the other solar projects, Raslag has confirmed discussions with different banks.
“We are already in talks with our bankers for cost-efficient debt financing for our next solar projects, and we will make the appropriate disclosures once the terms have been firmed up,” Raslag chief finance officer Robert Gerard Nepomuceno said in a statement.
In related developments, the company registered a net income of Php 26.1 million in the first quarter of 2022, two percent higher compared to the same period last year. Its revenues also increased by 15% to Php 78.9 million due to better energy sales.
“Raslag continues to perform very well on the strength of its operating FIT-eligible solar plants, and we expect revenues to grow significantly after our 18 MWp Raslag-3 solar plant begins full commercial operations,” Nepomuceno said.
Raslag Corp. currently has three solar plants in its portfolio with a combined capacity of 42MWp. These include the 10,046 MWp Raslag-1 Solar Power Plant, the 13.141 MWp Raslag-2 Solar Power Plant, and the recently launched 18.011 MWp Raslag-3 solar plant.