NEXGEN Energy Corp. on Tuesday said it is in talks with Environmental, Social, and Governance (ESG) equity funds to help finance its renewable energy (RE) expansion program.
“The company is in discussions with several international ESG funds, and we are open to discussions with government-owned and controlled corporations,” NexGen President Eric Y. Roxas said in a statement.
The Pure Energy Holdings Corp. unit is planning an initial public offering (IPO) of its shares worth as much as P579.6 million as it seeks to develop solar and wind power projects with a capacity of more than 2,350 megawatts (MW).
It aims to offer 300 million shares with an overallotment option of 45 million shares at P1.68 each.
The proceeds will be used to partially finance the equity portion for the development of the 5-megawatt (MW) Palauig 2 Solar Plant, an expansion of the company’s existing 5-MW solar plant in Palauig, Zambales.
The company also seeks to use the proceeds to partially finance the equity portion for the development of its 100-MW Silang Maragondon Onshore Wind Power Plant in Quezon province, and its 40-MW Asisan Onshore Wind Power Plant.
NexGen aims to develop 1,683 MW of ground-mounted and floating solar plants, and onshore and offshore wind projects in the next five years.’
“NexGen also believes that climate-controlled indoor farms would be the next generation farming technology and NexGen would like to be at the forefront of supporting the power requirements for these projects,” Mr. Roxas said. — Sheldeen Joy Talavera
