Raslag Corp. said Wednesday its board gave the green light for the listed renewable energy company to secure two loans from the Bank of the Philippines Islands to fund its solar farm projects.
Raslag will obtain from BPI a loan worth P1.2 billion for the development and construction of Raslag IV, a solar farm in Pampanga with a peak capacity of 35.159 megawatts and due for completion by 2024.
The board also approved the engagement of F.D. Laxina Construction services and Trading Corp. for the land development of Raslag IV.
The company will also procure from BPI a P250-million loan which will be used as bridge financing for the purchase of a 42-hectare property in Tarlac province for around P273 million. The land will be the site of Raslag’s sixth solar farm.
Raslag aims to have a capacity of around 250 megawatts by 2032. Once operational, the company’s first five solar farms—with Raslag V as biggest at 60 megawatts, will have a combined capacity of 136 megawatts.
