RASLAG Corp. said on Wednesday that its board had approved obtaining a P1.2-billion loan from the Bank of the Philippine Islands to fund the construction and development of a solar farm.
In a stock exchange disclosure, Raslag said the funding will be used for its 35.159-megawatt (MW) Raslag 4 solar plant in Talimundoc, Magalang, Pampanga.
The company’s board also gave the approval for the selection of F.D. Laxina Construction Services and Trading Corp. as the land developer for the solar project.
Raslag said its board had also given the green light in obtaining another loan from the Ayala-led bank amounting to P250 million to bridge the partial financing of the land and acquisition for Raslag-6 solar farm.
In a disclosure in January, Raslag said it was planning to acquire about 42 hectares of land in Gerona, Tarlac to serve as the site for Raslag-6.
Raslag, a renewable energy developer, has installed to date 23.19 megawatt-peak (MWp) of commercially operating plants. About 18.01 MW are under construction, apart from proposed projects with a capacity of around 95.2 MW.
At the local bourse on Wednesday, shares in the company closed 0.65% lower to end at P1.53 each. — Ashley Erika O. Jose