Raslag to acquire 42-hectare Tarlac land for solar farm project

RASLAG Corp. said on Monday that it plans to acquire about 42 hectares of land in Tarlac province’s Gerona town for around P273 million to serve as the site of a proposed solar power plant.

In a disclosure to the stock exchange on Monday, the company said it intends to purchase the property in barangays Plastado and Carino for its Raslag-6 project at P650 per square meter.

The acquisition price is exclusive of capital gains taxes, documentary stamp taxes, land reclassification and conversion fees, and other miscellaneous fees and expenses, it said.

Raslag said the transaction involves a downpayment of P61.43 million, apart from P27.30 million in earnest money to be paid upon the acquisition agreement. The balance is to be paid in nine monthly payments of approximately P 20.48 million.

Raslag-6 will be connected to the 69-kilovolt (kV) transmission line of the National Grid Corp. of the Philippines. Raslag said the additional operating solar plant would increase its income in the coming years.

The company said it would buy the property from “multiple sellers” at a price determined by the parties after negotiations. The acquisition will be financed by Internally generated funds but may also be aided by a bank loan or loans, “as may be necessary,” it added.

In a separate disclosure on Monday, Raslag said it tapped Solenergy Systems Inc. as the onshore engineering procurement and construction (EPC) contractor for Raslag-4 at P204 million.

Pure & Pam, Inc. will install the 69-kV transmission line for the project at P35.09 million.

Pure & Pam will also construct the switching station for Raslag-4 at P26.90 million.

At the local bourse on Monday, shares in the company closed three centavos lower or 1.7% to end at P1.73 apiece. —

Erika O. Jose