NexGen Energy wants to follow sister firm REDC’s IPO success

MANILA, Philippines — NexGen Energy Corp., a wholly owned subsidiary of Pure Energy Holdings Corp. (PEHC) and a sister company of publicly listed Repower Energy Development Corp. (REDC), is keen on its own initial public offering (IPO) as it prepares to develop over 2,350 megawatts of solar and wind power projects over the next 10 years.

Established on June 7, 2017, NexGen is the wind, solar and agtech (agriculture technology) development arm of PEHC. It has three main subsidiaries, namely SPARC-Solar Powered Agri-rural Communities Corp., which currently operates three solar farms in Zambales, Bataan and Bulacan; 5Hour Peak Energy Corp., which has a pipeline of over 1,000 MWp of solar projects; and Airstream Renewables Corp., which has a pipeline of up to 1,330 megawatts (MW) of onshore and offshore wind projects.

Meanwhile, REDC, the hydropower arm of PEHC, successfully debuted at the Philippine Stock Exchange in July 2023. To date, REDC is the only stock that has held above its IPO price and has attracted several foreign investors that has invested in the company. Thus, REDC was awarded Best IPO for 2023 by The Asset Triple A Awards held in Hong Kong last March 2024.

“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,” said NexGen president Eric Roxas.

NexGen currently has eight wind energy service contracts (WESC) under Airstream, with 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, PEHC, is a holding company investing in and providing essential resources for the developmental growth of the country, driven by the vision to make available renewable energy and clean water to every Filipino. PEHC is a conglomeration of hydropower, solar, wind, and geothermal assets, as well as bulk water and distribution facilities.