NexGen mulls IPO this July 2024 despite volatile market

MANILA, Philippines – A subsidiary of Pure Energy Holdings Corporation (PEHC) is planning to go public this year amid volatile market conditions that have spooked other companies from pushing ahead with similar fundraising efforts.

NexGen Energy Corporation is aiming for an initial public offering (IPO) to raise P500 million to fund its solar and wind energy projects.

“Yes, the market is quite slow, but this is just a small issue and we feel that this can easily be absorbed by the local market,” NexGen Energy Corporation president Eric Roxas said in a text message to Rappler.

Roxas said they will disclose more of their plans after securing regulatory approval.

NexGen is developing solar and wind power projects with a capacity of over 2,350 megawatts over the next 10 years.

Established in June 2017 to be the wind, solar, and agriculture technology development arm of PEHC, the company has three subsidiaries, namely:

• SPARC or Solar Powered Agri-Rural Communities Corporation: Currently operates three solar farms in Zambales, Bataan, and Bulacan
• 5Hour Peak Energy Corporation: Has a pipeline of over 1,000 Megawatt Peak (MWp) of solar projects
• Airstream Renewables Corporation: Has a pipeline of up to 1,330 megawatts of onshore and offshore wind projects

“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% renewable energy share by 2030,” Roxas said.

NexGen has eight wind energy service contracts (WESC) under Airstream, and it is in the process of consolidating four more WESCs. Large-scale unsolicited proposals are presently being reviewed by a number of government agencies, and it has several solar projects under consideration for the Solar Energy Service Contracts (SESCs) under 5hour Peak Energy that are being submitted to the DOE. 

NexGen has a sister company, Repower Energy Development Corporation (REDC), which debuted at the Philippine Stock Exchange last July 2023. – Rappler.com