LISTED renewable energy company Raslag Corp. has entered into a power supply deal with FDC Retail Electricity Sales Corp., the retail electricity supply arm of the Filinvest Group.
In a stock exchange filing on Monday, Raslag said it would sell and deliver the electricity from its 18-megawatt (MW) direct current solar farm in Mabalacat, Pampanga for two years, unless extended.
The solar plant named Raslag 3 started operating in 2022 and can generate 24-25 gigawatt-hours of power yearly, according to the company.
FDC Retail is the special purpose company of FDC Utilities, Inc. established to engage in real electricity supply in the Philippines. FDC Utilities is the power unit of Filinvest Development Corp.
Raslag develops, owns and operates solar power plants to provide utility-scale renewable energy to grid customers such as distribution utilities, electric cooperatives, retail electricity suppliers, directly connected customers and wholesale or bulk users.
The company has an installed capacity of 77.8 MW from four facilities in Pampanga province. It aims to increase its renewable energy portfolio to at least 1,000 MW by 2035, with three more projects underway.
Raslag earlier said its board had approved the issuance of as many as 15 million preferred shares, with a base size of up to P1.5 billion and an oversubscription option of up to P500 million.
Most of the proceeds will fund the development of the P4.8-billion Raslag 7, which is targeted to be completed by 2027.
Raslag shares rose 2.13% to close at P0.96 each. — Sheldeen Joy Talavera
