The board of listed renewable energy developer RASLAG Corp. on Monday approved the issuance of preferred shares amounting to P2 billion via a private placement to fund its pipeline of projects including the proposed 140-megawatt Raslag VII solar project.
RASLAG said in a disclosure to the Philippine Stock Exchange its board approved the issuance of up to 15 million preferred shares with a base size of P1.5 billion and an oversubscription option for another P500 million via private placement/s.
The company said the issuance would take place after the approval by the Securities and Exchange Commission of RASLAG’s conversion of 100 million unissued common shares into preferred shares.
The company also announced the appointment of BPI Capital Corp. as the sole issue manager, lead underwriter and bookrunner, subject to the invitation of additional underwriters and Picazo Buyco Tan Fider & Santos as legal counsel.
“For the allocation of the proceeds, we are still working on it but the majority will be for Raslag 7 project. Then our target issuance is on July 2025,” RASLAG chief finance officer Geo Origeneze said.
He said the company expects to complete Raslag VII in Nueva Ecija by 2027, with an estimated project cost of P4.8 billion.
RASLAG further disclosed that its board approved the purchase of lot/s for the RASLAG VII switching station, with an estimated aggregate area of 1,000 square meters, for an estimated purchase price of P10 million plus taxes and miscellaneous expenses.
It said its board also authorized RASLAG president Robert Gerard Nepomuceno to negotiate and come to an agreement on the terms and conditions for the 15-megawatt peaking power supply agreement through a direct negotiation with Pampanga I Electric Cooperative Inc.