Solar power producer Raslag Corp. rose in its market debut at the Philippine Stock Exchange Monday as the company announced plans to develop more solar farms to increase generation capacity.
Share price of Raslag climbed to as high as P2.48 per share from its initial public offering price of P2 before closing at P2.02.
Raslag chairman and chief executive Peter Nepomuceno said during the listing ceremony for its P700-million IPO the company was ready to “energize” its third solar farm which would nearly double its generation capacity.
“We have clear path of becoming several larger than we are today. We have the land bank, the resources and the track record to deliver strong organic growth,” said Nepomuceno.
“In fact we are ready to energize our third solar farm Raslag which will nearly double generation capacity. We are also preparing to boost our project pipeline and will be on he look out for expansion opportunities,” he said.
Raslag has two solar power plants, including the 10.046-megawatt RASLAG-1 and the 13.141-MW RASLAG-2 in Pampanga.
Both plants are running under the feed-in-tariff system of the Department of Energy with a base tariff of P9.68 per kWh and P8.69 per kWh, respectively.
The company’s third solar plant, the 18.011-MW RASLAG-3 in Mabalacat and Magalang, is scheduled for commercial operations soon.
The company also commenced work on the 35.2-MW peak RASLAG-4 solar plant costing P1.5 billion and acquired the site for the 60-MWp RASLAG-5 solar plant amounting to P2.1 billion.
PSE president and chief executive Ramon Monzon said the listing of Raslag would grow PSE’s portfolio of companies in the renewable energy space.
Monzons said Raslag’s IPO was strongly received by the market as the offering was 1.5-times oversubscribed.
Three more companies are slated to list on the local bourse this month, including Vista REIT Inc., Balai ni Fruitas and North Star Merchants Inc.