RENEWABLE energy firm Raslag Corp. reported that its unaudited first-quarter net income grew by 2% to P26.1 million, driven by higher energy sales.

Raslag Chairman and President Peter G. Nepomuceno said the company “continues to perform very well on the strength” of its operating feed-in tariff-eligible solar plants.

“[W]e expect revenues to grow significantly,” he said, citing the firm’s 18-megawatt peak (MWp) Raslag-3 solar plant, which is set for full commercial operations.

During the quarter, revenues jumped by 15% to P78.9 million. Excluding one-off and initial public offering (IPO) related expenses, recurring net income surged by 51% to P38.5 million.

The firm made its stock market debut on June 6. It listed 1.5 billion shares and raised P700 million from its IPO.

The company said it will start deploying the proceeds from its IPO to its next two solar power projects, with most of the funding allocated to the planned 35.159 MWp Raslag-4 solar plant in Magalang, Pampanga.

“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 B. Nepomuceno said.

Founded in 2013, Raslag is involved in utility-scale solar energy development in the Philippines. It currently operates two feed-in tariff-eligible solar power plants with a combined capacity of 23.2 MWp.

A third solar power plant with a capacity of 18 MWp is expected to start commercial operations within June.

On Wednesday, Raslag shares ended higher by 1.14% or P0.02 to finish at P1.77 at the stock exchange. — Luisa Maria Jacinta C. Jocson