Raslag to develop biggest solar project in single phase, targets 2028 commercial start
Raslag Corp. will develop both phases of its 149-MW Raslag Liwayway solar project simultaneously, targeting commercial operations by 2028. The company has allocated up to P3 billion for the project in Nueva Ecija, which will pair with a battery energy storage system.
LISTED renewable energy developer Raslag Corp. will develop the two phases of its biggest solar project simultaneously as it targets commercial operations by 2028, with the project’s scale posing a financing challenge for the company.
“Because of the permitting and everything, it’s better just to do it at one shot. But it poses a challenge when it comes to financing because it’s going to be our biggest plant ever,” Raslag President and Chief Executive Officer Robert Nepomuceno said at a virtual event organized by the Philippine Stock Exchange last week.
The Raslag Liwayway project in Sta. Rosa, Nueva Ecija, will be developed in two phases and paired with a battery energy storage system. Mr. Nepomuceno said the project would have a capacity of 149 megawatts (MW). Raslag’s second-quarter regulatory filing described Liwayway as an estimated 140-megawatt-peak solar project. Raslag has allocated up to P3 billion for the development of the project.
The company has tapped Greencity Energy Philippines, Inc. to oversee the technical aspects of the project. Raslag Chief Finance Officer Karl Geo D. Origeneza said the company is in the process of securing land conversion approval and the necessary permits from the Department of Energy (DoE). In its second-quarter report, Raslag said funding for its projects would come from internally generated funds and/or bank loans. As of June 30, the company had P1.33 billion in noncurrent interest-bearing loans and borrowings and P516.36 million in current borrowings.
Raslag’s net income more than tripled to P143.36 million in the second quarter from P45.91 million a year earlier. Revenue from electricity sales rose by 55.55 per cent to P264.33 million from P169.93 million in the same period last year, while operating profit increased by 88.33 per cent to P158.14 million from P83.97 million. For the first half, net income surged to P219.04 million from P48.29 million a year earlier, driven by additional feed-in-tariff rate adjustments for Raslag I and Raslag II, sales from Raslag III and Raslag IV, income from its investment in Philippine Hybrid Energy Systems, Inc., and foreign exchange gains.
Raslag develops, owns, and operates utility-scale solar power plants and currently has a total installed capacity of 77.844 MW across four facilities in Pampanga. Its fourth solar facility, Raslag IV, started commercial operations on May 22, 2025, after entering testing and commissioning in October 2024. The company is targeting a renewable energy portfolio of at least 1,000 MW by 2035.
While solar energy accounts for the bulk of its portfolio, Mr. Nepomuceno said Raslag is also exploring other technologies, including solar-on-stilts and onshore wind. “We’re only looking at the onshore wind. We’re not interested in offshore wind because of the long period of returns and the high cost of going to the offshore wind,” he said. Mr. Nepomuceno said the company also plans to participate in future green energy auctions of the DoE.
