NEXGEN eyes ESG equity funds to widen RE portfolio
The company aims to develop 1,683MW of ground-mounted solar, floating solar, onshore, and offshore wind projects within the next five years
The company aims to develop 1,683MW of ground-mounted solar, floating solar, onshore, and offshore wind projects within the next five years
NEXGEN Energy Corp., a wholly-owned subsidiary of Pure Energy Holdings Corp. (PEHC), wants to tap Environmental, Social, and Governance (ESG) equity funds to bankroll its plan to widen its renewable energy portfolio.
NexGen president Eric Y. Roxas said on Tuesday that the company is in discussions with international ESG funds as it works towards achieving its goal of 1,683 megawatts (MW) of clean energy capacity in the next five years.
“We are open to discussions with GOCCs (government-owned and controlled corporations). NEXGEN 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," Roxas said.
NEXGEN currently has a dedicated management team focused on expanding its footprint both locally and internationally.
IPO
NEXGEN has already filed its initial public offering application with the Philippine Stock Exchange for 300 million shares with an overallotment option of 45 million shares at an offer price of up to P1.68 per share.
Proceeds from the maiden offer will partially finance the equity portion for the development of the 5-MW Palauig 2 Solar Plant, an expansion of our existing 5-MW solar plant in Palauig, Zambales.
Likewise, it will also help partially finance the equity portions for the development of its 100-MW Silang Maragondon onshore wind power plant, and its 40-MW Asisan onshore wind plant.
According to NEXGEN, the construction cost for the Palauig 2 solar plant was estimated to reach P210 million. The service contract of the Palaguig 2 project is awaiting approval from the DoE.
Wind Energy
Meanwhile, the Silang Maragondon wind farm in Quezon has an estimated project cost of P5.854 billion and has already secured its Wind Energy Service Contract.
NEXGEN's Asisan wind farm, located in Cavite, will cost about P2.341 billion to construct and has likewise secured its WESC.
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