Raslag Corp. Plans Major Solar Project to Begin Operations by 2028

Raslag Corp., a publicly-listed renewable energy developer in the Philippines, is gearing up to embark on its most ambitious solar project to date, the Raslag Liwayway, located in Sta. Rosa, Nueva Ecija. The company plans to develop the project in two phases, aiming for commercial operations by 2028. The project is estimated to have a capacity of 140 megawatts (MW), which presents significant financing challenges, according to Raslag's President and Chief Executive Officer, Robert Nepomuceno.

During a recent virtual event organized by the Philippine Stock Exchange, Nepomuceno stated that due to permitting and other factors, it is better to develop the project all at once, although this poses a challenge when it comes to financing because it will be the company's largest plant ever. The company has allocated approximately ₱3 billion (about $53 million) for the development of the Liwayway project, which will also include a battery energy storage system to enhance its efficiency.

To facilitate the project, Raslag has engaged Greencity Energy Philippines, Inc. to manage the technical aspects. As of now, the company is in the process of obtaining land conversion approval and the requisite permits from the Department of Energy (DoE). Raslag’s Chief Finance Officer, Karl Geo D. Origeneza, indicated that funding would be sourced from internally generated funds and/or bank loans. As of June 30, 2026, Raslag reported ₱1.33 billion (approximately $23 million) in noncurrent interest-bearing loans and ₱516.36 million (around $9 million) in current borrowings.

“Due to permitting and other factors, it is better to develop the project all at once, although this poses a challenge when it comes to financing because it will be the company's largest plant ever.”Robert Nepomuceno, President and CEO of Raslag Corp.

Raslag has demonstrated significant financial growth, with its net income more than tripling to ₱143.36 million (about $2.5 million) in the second quarter of 2026, compared to ₱45.91 million (approximately $820,000) in the same period last year. The company’s revenue from electricity sales rose by 55.55% to ₱264.33 million (around $4.7 million) from ₱169.93 million in the same period last year, driven by various factors including adjustments in feed-in-tariff rates and sales from its existing solar facilities.

Currently, Raslag operates four solar power plants in Pampanga, with a total installed capacity of 77.844 MW. The latest facility, Raslag IV, commenced commercial operations on May 22, 2025, following its testing and commissioning phase. The company is targeting a renewable energy portfolio of at least 1,000 MW by 2035, with plans to explore additional technologies such as solar-on-stilts and onshore wind. However, Nepomuceno clarified that offshore wind projects are not of interest due to their lengthy return periods and high costs.

Raslag's commitment to expanding its renewable energy capacity aligns with the Philippine government's push for increased clean energy sources. The Department of Energy has been actively promoting renewable energy projects to meet the country's growing power demand. As part of this strategy, Raslag plans to participate in future green energy auctions organized by the DoE.