Raslag Corp. has signed a shareholders and asset purchase agreement with Singaporean firm Verdant Philippines Alpha Pte. Ltd. to jointly acquire PHESI Holdings Corp., which has a controlling interest in the project company developing wind and battery energy storage systems in Puerto Galera.
Raslag disclosed to the stock exchange on Friday that it will acquire 60 percent ownership, while Verdant will hold the remaining 40 percent in PHESI Holdings Corp., which has a controlling interest in Philippine Hybrid Energy Systems, Inc., a renewable energy developer engaged in wind power generation.
It holds wind energy service contracts with the Department of Energy granting it the right to develop, manage and operate the 16-megawatt Puerto Galera wind power project and the 10-MW Puerto Galera wind power project Phase 2, both located in Puerto Galera, Oriental Mindoro.
Philippine Hybrid Energy Systems also owns a 7.306-MW battery energy storage system, also in Puerto Galera, Oriental Mindoro, built to support the wind projects.
Raslag said the closing of the transaction is subject to the parties’ compliance with agreed-upon conditions.
This marks Raslag’s first renewable energy project outside of solar, aligning with its goal of expanding its renewable energy capacity to at least 1,000 MW by 2035.
Raslag requested a one-hour voluntary trading halt on Friday to allow investors time to understand the transaction.