Listed renewable energy developer Raslag Corp. plans to spend between P2 billion and P3 billion in capital expenditures this year, a sharp increase from only around P500 million last year, as it moves from project preparation to actual construction and equipment procurement.
Company president and CEO Karl Geo Origeneza said the higher budget reflects Raslag’s transition from mainly securing land for future projects to funding major development activities, including the importation of solar panels and land conversion. The final amount will depend on how quickly government permits are secured.
The planned spending underscores Raslag’s aggressive growth push, following regulatory clearance for its joint venture with Singapore-linked Verdant Philippines Alpha Pte. Ltd. The partnership will operate and optimize a 16-megawatt wind farm with a 7.3-MW battery energy storage system in Puerto Galera, Mindoro, marking Raslag’s expansion beyond solar power into wind energy.
Raslag is also developing a 100-MW solar power project with battery storage in Nueva Ecija, while continuing to build up its pipeline of renewable assets. The company currently has about 78 MW of operating capacity, with more than 300 MW in various stages of development and planning.
The higher capex signals Raslag’s intent to fast-track project execution and scale up its portfolio as it works toward its long-term goal of reaching 1,000 MW of renewable energy capacity by 2035.
