NexGen eyeing IPO to fund RE projects
By Alena Mae S. Flores – April 28, 2024, 8:45 pm
from manilastandard.net
NexGen Energy Corp., a wholly-owned subsidiary of Pure Energy Holdings Corp. (PEHC) said over the weekend it is preparing for an initial public offering (IPO) to raise funds for its renewable energy projects in the pipeline.
The company is developing solar and wind projects with a capacity of over 2,350 megawatts over the next 10 years.
NexGen was established on June 7, 2017 to be the wind, solar and agriculture technology development arm of PEHC.
“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 percent renewable energy share by 2030,” NexGen president Eric Roxas said.
“Cost to build solar plants is around $750,000 per MW. Cost to build wind is between $1 million and $2 million. So will need around $100 million in the next five years,” he said.
The company has three main subsidiaries, including SPARC-Solar Powered Agri-rural Communities Corp., which operates three solar farms in Zambales, Bataan and Bulacan; 5Hour Peak Energy Corp., which has a pipeline of over 1,000 MWp of solar projects; and Airstream Renewables Corp., which has a pipeline of up to 1,330 MW of onshore and offshore wind projects.
NexGen also has eight wind energy service contracts (WESC) under Airstream, with four more WESCs in the process of being consolidated into Airstream.
NexGen’s parent company, PEHC, is a holding company established to be in the business of investing in and providing essential resources for the developmental growth of the country, driven by the vision to make available renewable energy and clean water to every Filipino.
PEHC is a conglomeration of hydropower, solar, wind and geothermal assets as well as bulk water and distribution facilities.
NexGen’s sister company, Repower Energy Development Corp. (REDC), the hydropower arm of PEHC, successfully debuted at the PSE in July 2023.
REDC is said to be the only stock that has held above its IPO price and attracted several foreign investors that invested in the company. REDC was awarded Best IPO for 2023 by The Asset Triple A Awards in Hong Kong in March 2024.
