0 Comments
Table of Contents
Raslag Corp. is targeting commercial operations by 2028 for its largest solar project to date as the listed renewable energy developer pursues simultaneous development of the facility’s two phases.
The Raslag Liwayway project in Sta. Rosa, Nueva Ecija, is planned as a 140-megawatt-peak (MWp) solar facility paired with a 100-megawatt-hour battery energy storage system. The company has allocated up to ₱3 billion for the project.
“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 during a recent Philippine Stock Exchange investor briefing.
Liwayway remains in the development stage, with Raslag still securing land conversion approval and permits from the Department of Energy (DoE).
Project Development
Raslag Chief Finance Officer Karl Geo Origeneza said the company was still working through the required approvals but remained focused on a 2028 commercial operations target.
The company has tapped Greencity Energy Philippines, Inc. as owner’s engineer for the project. Greencity and its German-led expert team are expected to provide technical support covering development, design review, procurement, construction, testing, and commissioning.
Raslag said project funding would come from internally generated funds and/or bank loans.
As of June 30, the company had ₱1.33 billion in noncurrent interest-bearing loans and borrowings and ₱516.36 million in current borrowings, underscoring the funding requirements involved as it moves ahead with its largest facility.
Despite the planned investment, the company’s financial performance has strengthened.
Raslag’s first-half net income surged to ₱219.04 million from ₱48.29 million a year earlier, while revenue rose 41.83% to ₱424.91 million.
The company attributed the earnings growth to additional feed-in-tariff rate adjustments for its Raslag I and Raslag II facilities, electricity sales from Raslag III and Raslag IV, income from its investment in Philippine Hybrid Energy Systems, Inc., and foreign exchange gains.
Expanding Renewable Technology
Liwayway is part of Raslag’s long-term plan to expand beyond its existing solar portfolio and build a larger presence in the renewable energy sector.
The company currently operates four utility-scale solar facilities in Pampanga with a combined installed capacity of about 77.8 MW. Its fourth facility, Raslag IV, began commercial operations in May 2025.
Raslag is targeting at least 1,000 MW of renewable energy capacity by 2035, representing more than a tenfold increase from its current installed base.
To support that expansion, the company is exploring technologies beyond conventional ground-mounted solar, including solar-on-stilts projects in which panels are elevated above water areas.
The approach could allow aquaculture or other aquatic activities to continue beneath the solar installations.
Raslag is also preparing to participate more actively in the government’s green energy auction program, which is intended to attract investments in clean power projects.
The government is seeking to raise the share of renewable energy in the country’s electricity generation mix to 35% by 2030 and 50% by 2040, from about 25% currently.
Entry Into Wind
Raslag has also begun diversifying into wind power. Earlier this year, it signed an agreement involving the acquisition of wind assets in Oriental Mindoro, marking its entry into the sector.
The portfolio includes a 16-MW wind project equipped with a six-MWh battery storage system.
For now, however, the company is limiting its wind strategy to onshore developments.
Nepomuceno said Raslag was not pursuing offshore wind because of the higher costs and longer returns associated with such projects.
The company’s immediate priority remains the development of Liwayway, which could become a major addition to its renewable portfolio if it reaches commercial operations as planned in 2028.
At the same time, its push into wind, energy storage, emerging solar technologies, and government-backed auctions solidifies its strategy to build a diversified renewable energy platform while working toward its 1,000-MW capacity goal.
Source:
https://business.inquirer.net/607247/raslag-explores-new-renewable-energy-tech
https://www.philstar.com/business/2026/08/24/2551287/raslag-hunts-new-renewable-power-bets