After the success of Repower Energy Development Corp.’s (REDC) maiden offering, the Tiu Family-led Pure Energy Holdings Corp. (PEHC) is grooming another subsidiary, NexGen Energy Corp., to debut at the Philippine Stock Exchange.

PEHC said over the weekend that the planned initial public offering (IPO) will help raise funds to bankroll NexGen’s bid of developing at least 2,350 megawatts (MW) of combined solar and wind power capacity over the next decade.

“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 percent renewable energy share by 2030,” NexGen President Eric Y. Roxas said in a statement.

NexGen was established in June 2017 to serve as the solar, wind, and AgTec (agriculture technology) development arm of PEHC.

NexGen has three main subsidiaries: SPARC-Solar Powered Agri-rural Communities Corp., operator of three solar farms in Zambales, Bataan, and Bulacan; 5Hour Peak Energy Corp., with a pipeline of over 1,000 MW of solar projects; and Airstream Renewables Corp., which has a pipeline of up to 1,330 MW of onshore and offshore wind projects.

Currently, NexGen has eight wind energy service contracts (WESC) under Airstream and four more WESCs in the process of being consolidated into Airstream.

It has also several solar projects in application with the DOE for the SESCs under 5hour Peak Energy, as well as big-ticket unsolicited proposals currently being reviewed at several government agencies.

NexGen’s parent company, PEHC, is a holding company with business in hydropower, solar, wind, and geothermal assets, as well as bulk water and distribution facilities.

To recall, NexGen’s sister company, REDC, the hydropower arm of PEHC, successfully debuted at the PSE last July 2023.

To date, REDC is the only stock that has held above its IPO price, which attracted several foreign investors to invest in the company.

It was awarded Best IPO for 2023 by The Asset Triple A Awards held in Hong Kong last March 2024.