RASLAG Corp. received approval from the Philippine Competition Commission (PCC) for its proposed joint venture with Singapore's Verdant Philippines Alpha Pte. Ltd.
The joint venture was formed to acquire a hybrid renewable energy project.
In a stock exchange disclosure on Wednesday, the company said it has acquired Philippine Hybrid Energy Systems, Inc. (PHESI) and PHESI Holdings Corp. (PHC) have received approval from the PCC for their proposed joint venture with Verdant through the acquisition of shares in Verdant.
This follows a shareholder agreement signed in May to allow Ruslag and Verdant to acquire 60% and 40% ownership respectively in PHC.
PHC holds a controlling interest in PHESI, a wind energy developer behind the 26-megawatt (MW) Puerto Galera Wind Energy Project in Oriental Mindoro, which also has a 7.306-MWh battery energy storage system.
Ruslag develops, owns and operates solar power plants to provide utility-scale renewable energy to on-grid customers.
development belongs to raslag fiThe first renewable energy project outside solar power, with a goal of at least 1,000 MW in renewable capacity by 2035.
Currently, the company has a total installed capacity of 77.844 MW from four facilities in Pampanga. , Sheldin Joy Talavera
