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NexGen Energy's P580 million IPO cleared by SEC for advancing Philippines' renewables agenda

The Securities and Exchange Commission (SEC) has given the green light for NexGen Energy Corporation’s planned initial public offering (IPO) worth P580 million.


During its meeting on June 4, the Commission En Banc approved the registration statement of NexGen Energy, covering 1.49 billion shares, contingent upon the company fulfilling certain remaining requirements.


NexGen Energy intends to offer 300 million common shares to the public at a price of up to P1.68 per share. Additionally, Pure Energy Holdings Corporation, as a selling shareholder, will offer up to 45 million shares at the same price under the overallotment option.


The funds raised from the IPO are anticipated to reach approximately P478.4 million, earmarked for partially funding renewable energy projects in Zambales, Cavite, and other Philippine regions.


Upon listing, NexGen shares will be traded on the Small, Medium, and Emerging Board of the Philippine Stock Exchange.


China Bank Capital Corporation has been appointed as the sole issue manager and sole bookrunner for the offering, while Investment & Capital Corporation of the Philippines will act as joint lead underwriter.

Founded in 2017, NexGen Energy currently operates three solar plants through its subsidiary SPARC-Solar Powered Agri-rural Communities Corporation, boasting a combined capacity of 13.859 megawatts-peak.


In addition to the IPO, NexGen Energy is engaged in discussions with international Environmental, Social, and Governance (ESG) equity funds and government-owned and controlled corporations (GOCCs) to further fund its renewable energy expansion initiatives.


“We are exploring opportunities with various international ESG funds and GOCCs,” said NexGen President Eric Y. Roxas.


The company intends to use the funds to support the equity investment needed for the development of the Palauig 2 Solar Plant, an expansion of its current solar capacity in Palauig, Zambales, along with the equity requirements for its 100-MW Silang Maragondon onshore wind power plant and 40-MW Asisan onshore wind plant.


Construction costs for the Palauig 2 solar plant are estimated at approximately P210 million, pending approval from the Department of Energy for NexGen’s service contract for the project.


Over the next five years, NexGen aims to develop 1,683 MW of ground-mounted solar, floating solar, onshore, and offshore wind projects.

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