NexGen Energy Corporation, a subsidiary of Pure Energy Holdings Corporation (PEHC), is eyeing an initial public offering (IPO) to garner project backing for its 2,350 megawatt (MW) renewable energy (RE) development pipeline target.
The planned projects included additional investment targets for wind and solar farm installations that are intended to be implemented within ten years.
In a report by the Manila Bulletin, NexGen President Eric Y. Roxas said that the firm’s IPO of these projects would support the 35% RE target of the Department of Energy (DOE).
Repower Energy Development Corporation (REDC), a division of NexGen that generates hydropower, was the first to go public on the local exchange in July 2023.
According to NexGen, REDC was the sole stock that managed to maintain its value beyond its IPO price and drew in multiple overseas investors to participate in the business.
The company currently has eight wind energy service contracts under its belt, four of which will be integrated into Airstream, a subsidiary that specializes in both onshore and offshore wind projects.
In addition, NexGen pursued other large-scale projects with numerous government agencies and has other applications with the energy department for solar initiatives.
Apart from that, three solar farms are operated by its other company, SPARC-Solar Powered Agri-rural Communities Corporation, in Bataan, Bulacan, and Zambales.
Another subsidiary, 5Hour Peak Energy Corporation, currently has a 1,000 megawatt-peak (MWp) solar project pipeline underway.
Regarding wind development, the company had declared that the projects proposed would be larger than 1,330 MW.
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