MANILA, Philippines — Raslag Corp., the renewable energy platform of the Nepomuceno Group, is raising at least P1.06 billion from the sale of its property in Mexico, Pampanga.
In a stock exchange filing, the company said it would be conducting a public auction for its 425,100-square-meter land with a base price of P2,500 per sqm.
Initially, the property was chosen as the site for the Raslag-5 solar power project before eventually being approved for sale in 2022 due to congestion constraints with the National Grid Corp. of the Philippines (NGCP).
The land is located beside the Camella Sorrento Subdivision and about 2.2 kilometers northwest of the Mexico exit along the North Luzon Expressway. It consists of 20 contiguous lots.
According to Raslag, the issuance of bidding documents is subject to a payment of a non-refundable participation fee of P5,000 and bids must not be lower than the base price.
Upon receipt of bidding documents, interested bidders may conduct a due diligence audit of the relevant lots from July 29 to Aug. 28.
A pre-bid conference is scheduled for Aug. 8, while the deadline for the submission of bids is on Aug. 29.
The opening and tabulation of bids will be done immediately after the submission deadline.
“The opening and evaluation of bids shall only be for the purpose of determining the highest qualified financial bid, which shall be subject to the approval of the Raslag bids and awards committee prior to any award,” the company said.
Earlier this year, Raslag disclosed plans to acquire parcels of land with an estimated aggregate area of one million sqm in Santa Rosa, Nueva Ecija, for about P807.73 million.
The land will serve as the twin sites for the Raslag-7 and Raslag-8 solar power projects, which are planned to connect to the NGCP’s 69-kiloVolt transmission line.
Raslag debuted on the Philippine Stock Exchange in June 2022, raising about P700 million from the sale of 350 million common shares at P2 apiece. Its third solar project, Raslag-3, began operations in July 2022.
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