Raslag in talks with foreign firm for potential partnership

MANILA, Philippines — Raslag Corp., the renewable energy platform of the Nepomuceno Group, is looking to reinforce its presence in the energy sector through a partnership with a foreign company.

In a stock exchange filing, Raslag said it is in talks with a foreign firm for a potential partnership.

“Raslag is in preliminary discussions with a Hong Kong-based company for the purpose of entering into a possible partnership in the energy sector,” the company said.

No further details were provided by the company regarding the potential collaboration.

Raslag made its debut on the Philippine Stock Exchange in June last year, raising P700 million after selling 350 million common shares at P2 apiece.

Raslag-4, the company’s fourth solar power project, was granted with the solar energy-operating contract by the Department of Energy in October last year.

Raslag-4 is targeted for commercial operations in the first quarter of 2024.

In August, its board approved the purchase of lot for the Raslag-4 switching station with an estimated aggregate area of 1,198.72 square meters for an estimated purchase price of P8.99 million.

Raslag early this year also announced its board’s approval for the acquisition of parcels of land totaling to approximately 42 hectares in Gerona, Tarlac for the Raslag-6 project.

The company’s third solar project, Raslag-3, started operations in July 7, 2022.

Raslag-3 is connected directly to the 69-kilovolt transmission grid of the National Grid Corp. of the Philippines and its generated energy is supplied as a merchant plant in the Wholesale Electricity Spot Market.

For its incoming projects, Raslag said these are planned to be connected directly to the national transmission grid, same with Raslag-3.