Raslag Corp. has closed its joint acquisition of PHESI Holdings Corp., the controlling owner of Philippine Hybrid Energy Systems Inc. (PHESI), marking the solar power firm’s foray into the wind energy sector.
The acquisition was completed alongside joint venture partner Verdant Philippines Alpha Pte. Ltd., a Singaporean firm. Under the terms of the agreement, Raslag holds a 60-percent ownership stake in PHESI Holdings, while Verdant holds the remaining 40 percent.
The transaction follows the fulfillment of regulatory requirements from the Philippine Competition Commission, the Department of Energy and the Department of Environment and Natural Resources. The parties executed definitive agreements and a deed of absolute sale of shares on Thursday.
PHESI operates 16 megawatts of wind capacity integrated with a 6 MW/6 megawatthour battery energy storage system in Puerto Galera, Oriental Mindoro. The facility is the first of its kind in the Philippines.
“The acquisition was undertaken as part of ASLAG’s strategy to expand its renewable energy portfolio and expand its presence into the wind energy sector,” Raslag said in a disclosure to the Philippine Stock Exchange.
