NEXGEN Energy Corp., a wholly owned subsidiary of Pure Energy Holdings Corp., said it is eyeing to go public as it aims to develop solar and wind power projects with a capacity of over 2,350 megawatts (MW).
“We are excited about NexGen’s role in helping to secure the country’s energy supply needs. We support the Department of Energy’s (DoE) goal of achieving a 35% renewable energy share by 2030,” NexGen President Eric Y. Roxas said in a statement over the weekend.
The company is preparing to list its initial public offering (IPO) in July this year and expecting to raise P500 million. The proceeds will be used to fund the projects and develop the said renewable energy capacity over the next 10 years.
NexGen has three main subsidiaries, one of which is SPARC-Solar Powered Agri-rural Communities Corp., which operates three solar farms in Zambales, Bataan, and Bulacan.
5Hour Peak Energy Corp. has a pipeline of over 1,000 MW-peak of solar projects, while Airstream Renewables Corp. has a pipeline of up to 1,330 MW of onshore and offshore wind projects.
Currently, NexGen has eight wind energy service contracts (WESCs) under Airstream, with four more WESCs “in the process of being consolidated.”
The company is also applying for solar energy service contracts with the DoE under 5Hour Peak Energy, “as well as big ticket unsolicited proposals currently being reviewed at several government agencies.”
Its parent company, Pure Energy, is a holding company which has assets in hydropower, solar, wind, geothermal, as well as bulk water and distribution facilities. — Sheldeen Joy Talavera