Renewable energy firm Raslag Corp., led by Pampanga-based businessman Peter Nepomuceno, is seeing tighter control from its main shareholder after J Ten Equities, Inc. bought 150 million shares from Angeles Power, Inc.

In a cross transaction on 22 April, the shares were priced at P1.10 each, for a total of about P165 million.

According to the company disclosure on Thursday, the deal means J Ten Equities now owns a bigger chunk of Raslag—67.18 percent, or just over 1 billion shares—giving it even more say in how the company is run and where it invests next. 

Angeles Power, meanwhile, reduced its stake to 8.98 percent.

Since the transaction was done between two major shareholders, Raslag assured that it would not change the number of shares available to the public.

In February, Raslag 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., marking its entry into wind energy.

PHESI holds service contracts for two wind projects in Oriental Mindoro with a combined capacity of 26 megawatts, both integrated with battery storage systems designed to provide a more stable power supply.

Raslag targets to deliver 1,000 megawatts in capacity by 2035, alongside its ongoing solar expansion projects, including a new facility in Nueva Ecija set to begin operations this year.