MANILA -Nepomuceno-led renewable energy firm Raslag Corp. is seeking a P1.45-billion loan from the Bank of the Philippine Islands (BPI) to fund the development of its two solar power projects, it said on Wednesday.
In a stock exchange disclosure, Raslag said P1.2 billion would be used for the construction and development of the 35.159-megawatt (MW) Raslag-4 solar plant in Magalang, Pampanga province, as approved by its board of directors.
The remaining P250 million, meanwhile, will partially finance the purchase of a 42-hectare land in Tarlac province for its Raslag-6 solar farm.
In an earlier disclosure, Raslag announced that it would be spending P273 million for Raslag-6, its sixth solar project that will be connected to a nearby transmission line.
The Pampanga-based renewable energy developer currently has three solar plants in operation with a combined capacity of 41.197 MW.
This includes the 18.01-MW Raslag-3 plant in Mabalacat City that was energized in July last year.
Its two other operational solar projects are the 10.046-MW Raslag-1 and 13.141-MW Raslag-2 plants. All of its operational projects are located in Pampanga.
Raslag, chaired by industry veteran Peter Nepomuceno, debuted in the Philippine Stock Exchange on June 6, 2022 and raised P700 million in its initial public offering.
This will be used to fund Raslag-4 and predevelopment work for Raslag-5, as well as “other general corporate purposes.”
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