NexGen firm hikes stake in SPARC to 95.56%

By Jed Macapagal – January 8, 2025
from Malaya Business Insight

NexGen Energy Corp. subscribed to an additional 80 million common shares in its subsidiary, Solar Powered Agri-rural Communities Corp. (SPARC), increasing its ownership stake from 77.78 percent to 95.56 percent.

This allows SPARC to raise funding for various corporate purposes, including its planned expansion, the parties said in a statement yesterday.

SPARC owns and operates three solar farms in Bulacan, Zambales and Bataan. It also increased its authorized common stock from P10 million to P140 million.

NexGen plans to build another solar farm with a capacity of 8 to 10 megawatts (MW) in the adjacent Palauig, Zambales property where it operates a 5 MW solar farm.

“SPARC’s increase in its authorized capital stock reflects the company’s confidence and commitment to grow its portfolio of solar farms, hand in hand with NexGen’s other solar subsidiaries,” said Eric Peter Roxas, NexGen president and chief executive officer.

NexGen, as the parent company, will continue to be a proactive partner in helping SPARC produce clean and reliable energy for the communities it serves, Roxas added.