NexGen Energy Corporation says that it subscribed to an additional 80 million common shares in its subsidiary, Solar Powered Agri-rural Communities Corporation (SPARC), increasing its ownership stake from 77.78% to 95.56%.
In a report by the Manila Standard, NexGen said that this move enabled SPARC to secure funding for various corporate needs, including expansion plans, as the capital increase raised its authorized common stock to Php 140 million, up from Php 10 million.
NexGen president and CEO Eric Peter Roxas said SPARC’s decision to boost its authorized capital reflects its confidence in expanding its solar farm portfolio.
SPARC operates three solar farms in Luzon, located in Bulacan, Zambales, and Bataan, with a combined capacity of 13.86 megawatt-peak (MWp).
These include the 3.82 MWp Bulacan Solar Power Plant, the 5.02 MWp Zambales Solar Power Plant, and the 5.02 MWp Bataan Solar Power Plant.
NexGen plans to expand SPARC’s portfolio by adding another solar farm in Palauig, Zambales, with a capacity of 8 to 10 MW, adjacent to its existing 5 MW facility.
The solar farms have shown consistent financial growth, generating revenues of around Php 116 million from electricity sales in 2024.
NexGen made its stock market debut on the Philippine Stock Exchange’s Small, Medium, and Emerging (SME) board on July 16, 2024.
The company raised Php 504 million through an initial public offering (IPO) of primary common shares.
Proceeds from the IPO are earmarked for NexGen’s solar project in Zambales, wind projects in Cavite, and the development and acquisition of renewable energy ventures.
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