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Manila Bulletin devider Business devider The Stock Market devider NEXGEN tapping ESG funds for expansion

NEXGEN tapping ESG funds for expansion

Published May 30, 2024 08:07 am

Aside from raising fresh capital from the investing public through its P580 million initial public offering (IPO), NEXGEN Energy Corporation is also in talks with Environmental, Social, and Governance (ESG) equity funds to help finance its renewable energy expansion program.

"The company is in discussions with several international ESG funds, and we are open to discussions with GOCCs (government-owned and controlled corporations)," said NEXGEN President Eric Y. Roxas.

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NEXGEN, a wholly owned subsidiary of Pure Energy Holdings Corporation (PEHC), has already filed its IPO application with the Philippine Stock Exchange for 300 million shares with an overallotment option of 45 million shares at an offer price up to P1.68 per share.

It plans to use the proceeds to partially finance the equity portion for the development of the 5-megawatt (MW) Palauig 2 Solar Plant, an expansion of our existing 5-MW solar plant I Palauig, Zambales, 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.

NEXGEN estimates construction cost amounting to P210 million for the Palauig 2 solar plant. NEXGEN's service contract of the Palaguig 2 project is awaiting approval from the Department of Energy.

Meanwhile, the Silang Maragondon wind farm in Quezon has an estimated project cost of P5.854 billion, and has already secured its WESC. NEXGEN's Asisan wind farm located in Cavite will cost about P2.341 billion to construct and has likewise secured its WESC.

The company aims to develop 1,683MW of ground mounted solar, floating solar, onshore and offshore wind projects within 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," Roxas said.

He said the company has a dedicated management team focused on expanding its footprint both locally and internationally.

"The successful listing of its affiliate REDC is a testament to the confidence of its shareholders and investors," Roxas said.

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NexGen Energy Corp Eric Y. Roxas
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