LISTED renewable energy firm NexGen Energy Corp. (NexGen) has increased its stake in subsidiary Solar Powered Agri-rural Communities Corp. (SPARC) to 95.56% from 77.78%.
“This initiative allowed SPARC to raise funding for various corporate purposes, which include its expansion plans,” NexGen said in a statement on Tuesday.
The company purchased 80 million shares at P1 each, totaling an infusion of P80 million, said NexGen President Eric Peter Y. Roxas.
The company said that the additional investment came after SPARC increased its authorized common stock to P140 million from P10 million.
“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,” Mr. Roxas said.
SPARC owns and operates three solar farms in Luzon with a total capacity of 13.86 megawatts-peak (MWp). This comprises the 3.82 MWp Bulacan Solar Power Plant, the 5.02 MWp Zambales Solar Power Plant, and the 5.02 MWp Bataan Solar Power Plant.
NexGen said it plans to develop another solar farm with a capacity of up to 10 MW, adjacent to its Zambales solar farm.
For 2024, the power plants generated revenues from the sale of electricity worth around P116 million.
“As the parent company, [NexGen] will be a proactive partner in helping SPARC produce clean and reliable energy for the communities it serves,” Mr. Roxas said.
In July last year, NexGen made its stock market debut, raising P504 million from its initial public offering of primary common shares.
Proceeds from the sale of shares will be used for the company’s construction and development of its solar project in Zambales and wind projects in Cavite, as well as for the development and acquisition of renewable energy projects.
Its parent company, Pure Energy Holdings Corp., is a publicly listed holding company which has assets in hydropower, solar, wind, geothermal, as well as bulk water and distribution facilities. — Sheldeen Joy Talavera
