RASLAG Corp., the renewable energy unit of the Nepomuceno group, plans to raise up to P2 billion through a private placement of preferred shares by July.
In a regulatory filing on Monday, the company said its board of directors approved the issuance of up to 15 million preferred shares, with a base size of up to P1.5 billion and an oversubscription option of up to P500 million.
The company has engaged BPI Capital Corp. as the sole issue manager, lead underwriter, and bookrunner. Picazo Buyco Tan Rider & Santos serves as legal counsel.
Raslag said the offering will proceed once it secures approval from the Securities and Exchange Commission for the conversion of its 100 million unissued common shares into preferred shares.
Asked for further details, Raslag Chief Finance Officer Karl Geo D. Origeneza said most of the proceeds will fund the development of the Raslag 7 solar power project in Nueva Ecija.
“We’re targeting to complete the project by 2027. Estimated project cost as of now is P4.8 billion,” Mr. Origeneza said in a Viber message.
At the same meeting, the board approved the purchase of a lot for Raslag 7’s switching station, with an estimated total area of 1,000 square meters, amounting to P10 million, excluding taxes and miscellaneous expenses.
Meanwhile, the board authorized Raslag President Robert Gerard Nepomuceno to enter into a 15-megawatt (MW) power supply agreement with Pampanga I Electric Cooperative, Inc.
Raslag develops, owns, and operates solar power plants to provide utility-scale renewable energy to on-grid customers.
The company has a total installed capacity of 77.844 MW from four facilities in Pampanga. It aims to expand its renewable energy portfolio to at least 1,000 MW by 2035.
At the local bourse on Monday, Raslag shares closed unchanged at P0.98 apiece. — Sheldeen Joy Talavera
