Raslag, Verdant take over 16-MW wind farm in Mindoro – BusinessWorld Online
PAMPANGA-BASED solar developer Raslag Corp. and its partner Singapore-based Verdant Philippines Alpha Pte. Ltd. have taken over a 16-megawatt (MW) wind farm in Puerto Galera, Oriental Mindoro, a move expected to diversify their renewable energy portfolio.
In a regulatory filing on Thursday, Raslag said it had closed the joint acquisition of PHESI Holdings Corp., the controlling owner of Philippine Hybrid Energy Systems, Inc. (PHESI).
“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,” the company said.
Under the joint venture, Raslag will hold 60% of PHESI, while Verdant will hold 40%.
PHESI operates the 16-MW wind farm, integrated with a 6-megawatt-hour battery energy storage system designed to address the challenge of intermittency by storing excess energy to deliver a reliable, continuous power supply to the Mindoro island grid.
The company is also preparing for a 10-MW expansion of the wind farm.
The transaction was completed after conditions were met, including regulatory approvals from the Philippine Competition Commission, Department of Energy, and the Department of Environment and Natural Resources. The parties also executed definitive agreements, including the deed of absolute sale of shares.
Raslag develops, owns, and operates utility-scale solar plants and plans to expand its total renewable energy capacity to at least 1,000 MW by 2035.
At the local bourse on Thursday, Raslag shares closed unchanged at P0.84 apiece. — Sheldeen Joy Talavera
