By Sheldeen Joy Talavera, Reporter
RENEWABLE ENERGY company Raslag Corp. has estimated an investment of as much as P37 billion to realize its goal of expanding its portfolio to 1,000 megawatts (MW) by 2035.
“We still need about P32 billion to P37 billion of investment to fulfill that [goal], and that’s assuming 100% ownership of all plants,” Raslag Chief Finance Officer Karl Geo D. Origeneza said in an interview with BusinessWorld.
Raslag develops, owns, and operates solar energy plants to offer utility-scale renewable energy to on-grid customers.
Currently, the corporate has a complete installed capability of 77.844 MW from 4 facilities in Pampanga.
Mr. Origeneza said that the fee of developing a solar project ranges from P35 million to P40 million per megawatt.
Raslag is currently developing the P4.8-billion Raslag 7 and eight solar projects, with a combined capability of 140 MW direct current.
The corporate is seeking to put up a battery energy storage system (BESS) for the solar projects, which could store electricity from the grid and release it when needed to enhance supply or improve power quality.
Last month, Raslag announced plans to lift as much as P2 billion through a non-public placement of preferred shares by July.
The issuance will consist of as much as 15 million preferred shares, with a base size of as much as P1.5 billion and an oversubscription option of as much as P500 million.
“Although we’re still finalizing the ultimate use of proceeds for the equity funding activity, the vast majority of it should be for Raslag 7 and eight,” said Mr. Origeneza.
“It takes around two years to develop a project, and given the dimensions of our upcoming project, we will likely be really hands-on with this one,” he added.
Meanwhile, he said the corporate is finalizing an influence supply agreement with a distribution utility to contract a portion of the capability from Raslag 4.
Last 12 months, Raslag energized its 36.646-megawatt-peak solar energy plant in Magalang, Pampanga, which is anticipated to provide 53 gigawatt-hours of electricity and power 24,000 homes per 12 months.
While most of its portfolio consists of solar farms, the corporate is open to exploring other renewable energy technologies.
“We’re definitely other projects because we wish to have a diversified portfolio, and to potentially generate energy also when the sun is down,” he said.
Mr. Origeneza said the corporate is optimistic about its growth prospects, because the money flows from its strategically planned pipeline of solar projects are expected to drive its expansion.
“As for the sector, it’s positive. Perhaps in fact you’ll see quite a few articles about projects coming online so you may see them left to right. So obviously there’s tremendous growth within the sector,” he said.
