SOLAR ENERGY developer Raslag Corp. plans to use an estimated P700 million from the proceeds of its initial public offering (IPO) to develop and build two solar farms with a combined capacity of around 95 megawatts (MW). 

In a virtual briefing on Wednesday, Raslag President and Chief Executive Officer Peter G. Nepomuceno said that land for the two solar projects — RASLAG-4 and RASLAG-5 — had already been acquired and is being paid for on an installment basis. 

“Advanced development works, including land use conversion, are currently ongoing for both projects as well,” Mr. Nepomuceno said. 

The two pipeline projects will have a capacity of 35 MW and 60 MW, respectively. They will bring the company’s total solar projects to five for a combined capacity of 136 MW. The five solar farms will bring the company’s land area to 108 hectares.  

In the next 10 years, Raslag is eyeing to build power generation projects with a capacity of at least 250 MW. 

Through the IPO, which will run on May 24-30, the Nepomuceno group-owned renewable energy power producer intends to sell 350 million primary common shares at an offer price of up to P2.00 apiece. 

An overallotment option of up to 52.5 million secondary common shares could bring the offering proceeds to P805 million. Raslag’s listing date is scheduled on June 6. 

The company’s existing two solar power plants are the 10.046-MW-peak (MWp) RASLAG-1 and the 13.141-MWp RASLAG-2, both under the Department of Energy’s (DoE) feed-in-tariff (FiT) system with a base tariff of P9.68 per kilowatt-hour (kWh) and P8.69 per kWh, respectively.  

The company’s third venture, the 18.011-MWp RASLAG-3, will begin commercial operations in May. It will bring Raslag’s total solar generating capacity to around 41 MWp.  

“We are now able to generate more solar energy for less land and for even less cost. This makes solar energy a particularly attractive option in the country, which is in line with DoE targets,” Mr. Nepomuceno said. — Ram Christian S. Agustin