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Manila Bulletin devider Business devider The Stock Market devider NexGen Energy invests further in SPARC, expanding solar energy presence

NexGen Energy invests further in SPARC, expanding solar energy presence

Published Jan 7, 2025 04:16 am

Renewable Energy (RE) firm NexGen Energy Corporation has raised its stake in its solar subsidiary, Solar Powered Agri-rural Communities Corp. (SPARC), which would help raise funding for expansion plans within its solar projects.

In a statement on Tuesday, Jan. 7, NexGen said it had increased its ownership in its subsidiary from 77.78 percent to 95.56 percent, as well as elevating the authorized common stock from P10 million to P140 million.

This would help SPARC raise funding for various corporate purposes, while NexGen eyes adding another solar farm that would have around 8 to 10 megawatts (MW) capacity.

Currently, SPARC owns and operates three solar farms in Bulacan, Zambales, and Bataan, with another one to be built adjacent to the existing 5 MW solar farm in Palauig, Zambales.

Eric Peter Roxas, NexGen president and chief executive officer, said that the company’s increased stake would help boost RE within the communities.

“SPARC’s increase in its authorized capital stock reflects the company’s confidence and

commitment to grow its portfolio of solar farms, hand in hand with NexGen’s other solar subsidiaries,” he stated.

“As the parent company, NexGen will be a proactive partner in helping SPARC produce

clean and reliable energy for the communities it serves,” he added.

Last year, the existing plants generated about P116 million in revenues from the sale of electricity, which suggests a significant growth in their financial performance over the years.

In 2024, NexGen became the third company that went public after listing its initial public offering (IPO) on the Philippine Stock Exchange’s (PSE) Small, Medium, and Emerging (SME) Board.

This resulted to raising about P504 million in gross proceeds from the IPO, which was allotted for the solar project developments in Zambales and wind project developments in Cavite.

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