MANILA, Philippines — Raslag Corp., the renewable energy platform of the Nepomuceno Group, is reallocating the use of the P250 million proceeds from its initial public offering last month.
In a stock exchange filing, Raslag said its board approved the change to the use of the money, which will now be utilized to fund the purchase of a real property for its Raslag-5 solar power project.
“The company shall allocate P250 million of the proceeds from the initial public offering toward funding the purchase of real property of approximately 33 hectares for the Raslag-5 solar power project,” it said.
The amount was earlier allocated for the funding of pre-development work for Raslag-5 and other pipeline solar projects of the company.
Schedule of disbursement of the amount is eyed to begin on the last week of August.
Raslag made its debut on the Philippine Stock Exchange last June, raising P700 million after selling 350 million common shares at P2 apiece.
Its third venture plant, the 18.011-megawatt peak (MWp) Raslag-3 went online this month after receiving approval from the National Grid Corp. of the Philippines.
The company’s next two solar power projects are the 35.159-MWp Raslag-4 solar power plant and the 60-MWp Raslag-5 solar power plant.
The 35.159-MWp Raslag-4 is expected to achieve commercial operations status in March 2024, while Raslag-5 is eyed to begin construction in the second quarter of 2024, with completion and commercial commissioning in March 2025.