Raslag, Singapore partner near close on Philippine wind JV
By Sheldeen Joy Talavera, Reporter
RENEWABLE ENERGY developer Raslag Corp. and Singapore-based Verdant Philippines Alpha Pte. Ltd. are poised to finalize a joint venture (JV) to acquire a controlling stake in PHESI Holdings Corp., following approval from the Philippine Competition Commission (PCC).
“Raslag and Verdant can finally close the deal, so we are working on closing hopefully within the year,” Raslag President Robert Gerard B. Nepomuceno said in a Viber message on Wednesday.
The PCC cleared the proposed acquisition last month, citing no competition concerns due to the lack of horizontal overlaps or vertical relationships among the partners and the acquired entity.
The regulator noted that “the presence of larger competitors and a fragmented supply landscape serve as sufficient competitive constraints on the parties’ operations post-transaction.”
Under the joint venture, Raslag will hold 60% and Verdant 40% of PHESI. The target controls Philippine Hybrid Energy Systems, Inc., which develops wind energy projects, including the 16-megawatt (MW) Puerto Galera Wind Power Project and a 10-MW Phase 2 expansion.
PHESI also operates a 7.3-MW battery energy storage system designed to store wind-generated electricity for release as needed.
“There’s room for expansion of another 10 MW, so we are exploring the opportunity, especially with Mindanao now connected to the Luzon grid,” Mr. Nepomuceno said.
The transaction marks Verdant’s entry into the Philippine renewable energy market, while allowing Raslag to diversify beyond solar into wind power.
Raslag develops, owns and operates utility-scale solar plants and plans to expand its total renewable energy capacity to at least 1,000 MW by 2035.
The deal, once closed, would be Raslag’s first project outside solar and is part of a broader strategy to tap emerging renewable segments in the Philippines, which is seeking to boost clean energy capacity amid growing demand and decarbonization goals.
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