RASLAG CORP. obtained approval from the Philippine Competition Commission (PCC) for its proposed joint venture with Singapore’s Verdant Philippines Alpha Pte. Ltd.
The joint venture was formed to acquire a hybrid renewable energy project.
In a stock exchange disclosure on Wednesday, the company said it received clearance from the PCC for its proposed joint venture with Verdant via the acquisition of shares in Philippine Hybrid Energy Systems, Inc. (PHESI) and PHESI Holdings Corp. (PHC).
This follows a shareholder agreement signed in May to allow Raslag and Verdant to acquire 60% and 40% ownership, respectively, in PHC.
PHC holds a controlling interest in PHESI, a wind energy developer behind the 26-megawatt (MW) Puerto Galera Wind Power Project in Oriental Mindoro, which also features a 7.306-MW battery energy storage system.
Raslag develops, owns, and operates solar power plants to provide utility-scale renewable energy to on-grid customers.
The development is Raslag’s first renewable energy project outside of solar, with a target of at least 1,000 MW in renewable capacity by 2035.
Currently, the company has a total installed capacity of 77.844 MW from four facilities in Pampanga. — Sheldeen Joy Talavera