Raslag seals Mindoro wind energy deal
Pampanga-based solar energy developer Raslag Corp. has finalized its joint venture with Singapore’s Verdant Philippine Alpha Pte. Ltd. to take over a 16-megawatt (MW) wind facility in Oriental Mindoro.
In a disclosure on Thursday, the company said it had completed the closing of its joint acquisition of PHESI Holdings Corp. with its partner Verdant. The definitive agreements, including the deed of absolute sale of shares, were also signed.
Raslag secures a 60-percent stake in PHESI, while Verdant holds 40 percent.
The transaction value, however, was not disclosed.
This came after the acquisition had been cleared by the Philippine Competition Commission, the Department of Energy and the Department of Environment and Natural Resources.
“The acquisition was undertaken as part of [Raslag’s] strategy to expand its renewable energy portfolio and expand its presence into the wind energy sector,” it said.
PHESI operates a 16-MW Puerto Galera wind power plant, equipped with a 6-MW-hour battery energy storage system.
“As the first of its kind in the Philippines, this hybrid configuration solves the challenge of intermittency by storing excess energy to deliver a reliable, continuous power supply to the island grid of Mindoro,” Raslag said.
In a filing in November, Raslag hinted at the possibility of expanding the facility’s capacity by an additional 10 MW.
The group has utility-scale solar plants, with an aim to scale up its portfolio to at least 1,000 MW of renewable energy capacity by 2035.
