Renewable energy firm Raslag Corp., led by Pampanga-based businessman Peter Nepomuceno, has completed its acquisition of PHESI Holdings Corp., the controlling owner of Philippine Hybrid Energy Systems, Inc. (PHESI), in a joint deal with Verdant Philippines Alpha Pte. Ltd.

In a stock exchange report on Thursday, the company confirmed that the completion of the deal, cleared by the Philippine Competition Commission in October last year, enables its expansion into wind energy development. 

“The parties executed (on) February 12 the definitive agreements, including the Deed of Absolute Sale of Shares,” the company said. 

In addition to the anti-competition body approval, the company also secured clearance from the Departments of Energy and Environment and Natural Resources. 

PHESI holds Wind Energy Service Contracts with the Department of Energy for the 16 megawatts (MW) Puerto Galera Wind Power Project and the 10 MW Puerto Galera Wind Power Project Phase 2, both in Oriental Mindoro. The facilities includes a Battery Energy Storage System. 

“As the first of its kind in the Philippines, this hybrid configuration solves the challenge of intermittency by storing excess energy to deliver a reliable, continuous power supply to the island grid of Mindoro,” it added.

RASLAG aims to generate 1,000 MW of capacity by 2035, supported by three upcoming solar projects and the recent completion of its largest plant, RASLAG-4, in Pampanga. 

The firm plans to expand beyond Pampanga, with its next solar facility set to begin operations in Sta. Rosa, Nueva Ecija, later this year.