Filipino firm NexGen Energy Corp., a subsidiary of Tiu-led Pure Energy Holdings Corp. (PEHC) is planning to pursue initial public offering (IPO) to partly raise project funding for its targeted 2,350-megawatt renewable energy (RE) development pipeline.

According to the company, its blueprinted projects will mostly focus on solar and wind farm installations that will be concretized within a decade span; and the added investment target will be on agriculture technology (AgTec) realm.

NexGen emphasized that it is “preparing for initial public offering to raise funds for its renewable energy projects in the pipeline.”

The first to take its public float in the local bourse has been NexGen’s affiliate firm, Repower Energy Development Corporation (REDC), which is into hydropower development and had concluded its favorable debut in the Philippine Stock Exchange (PSE) in July 2023.

The company vouched that “REDC is the only stock that has held above its IPO price and has attracted several foreign investors that has invested in the company.”

Eric Y. Roxas, president of NexGen, noted that beyond the proverbial goal of “helping to secure the country's energy supply needs,” the company’s bid for RE project developments will be to support the Department of Energy’s (DOE) energy transition goals that will be anchored on 35% share of RE in the energy mix by 2030.

There is no definitive timeline, size as well as target pricing that the company can provide for now on its stock offering proposition.

Currently in the company’s investment portfolio are eight wind energy service contracts, with it specifying that at least four will be consolidated into Airstream, the subsidiary that will be focusing on onshore and offshore wind projects.

On top of that, NexGen has several applications with the DOE for solar ventures; while also pursuing other big-ticket projects with a number of government agencies.

Its other subsidiary SPARC-Solar Powered Agri-rural Communities Corp. is already operating 
three solar farms in Bataan, Bulacan and Zambales; while another subsidiary 5Hour Peak Energy Corp has blueprinted solar project pipeline of 1,000 megawatt-peak.

Within the wind development sphere, the company specified that proposed projects will top 1,330MW, with NexGen also joining primarily the league of many aggressive players in the offshore wind space.