NexGen Energy Corp. is redirecting part of its unused initial public offering (IPO) proceeds to offshore wind and solar developments, underscoring the company’s expanding renewable energy pipeline amid the Philippines’ push for more indigenous energy capacity.

In a disclosure to the Philippine Stock Exchange, NexGen said its board approved the reallocation of unused IPO proceeds, with PHP 45 million earmarked for the Real Offshore Wind Project and PHP 39 million for the Palauig 2 Solar Project.

The company has been steadily expanding its renewable energy portfolio in recent months. Earlier this month, the Department of Energy issued Certificates of Good Standing to two onshore wind projects of NexGen subsidiary Airstream Renewables Corp. in Samar and Pangasinan, confirming compliance with service contract obligations and regulatory requirements.

In December 2025, the company also announced that Airstream secured three new Wind Energy Service Contracts covering projects in Pangasinan, Samar, and Nueva Ecija with a combined projected capacity of 1.7 gigawatts.

At the time, NexGen Energy President Eric Y. Roxas said the projects represented “around USD 2.5 billion in prospective investment” and would strengthen the company’s development pipeline.

The latest fund reallocation comes as developers race to advance renewable energy projects following increased government support for offshore wind and large-scale solar developments to help improve long-term energy security and reduce dependence on imported fuel.

Separately, NexGen authorized company officers to initiate expropriation or eminent domain proceedings when necessary for its projects and those of its subsidiaries.

What impact could faster project execution and land acquisition have on the Philippines’ renewable energy buildout?

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