NexGen Energy Corp. said Tuesday it subscribed to an additional 80 million common shares in its subsidiary Solar Powered Agri-rural Communities Corp. (SPARC), increasing its ownership stake in the company to 95.56 percent from 77.78 percent.
NexGen said in a statement this initiative allowed SPARC to raise funding for various corporate purposes, which include its expansion plans.
It 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. As the parent company, XG will be a proactive partner in helping SPARC produce clean and reliable energy for the communities it serves,” NexGen president and chief executive Eric Peter Roxas said.
SPARC owns and operates three solar farms within the Luzon region, namely in Bulacan, Zambales, and Bataan with a combined capacity of 13.86 megawatt-peak.
These are the 3.82MWp Bulacan Solar Power Plant, the 5.02MWp Zambales Solar Power Plant and the 5.02MWp Bataan Solar Power Plant.
NexGen plans to immediately add another solar farm with an 8-megawatt to 10-MW capacity in the adjacent Palauig, Zambales property where it operates a 5-MW solar farm.
The plants reported growth in their financial performances throughout the years, recording revenues from the sale of electricity worth around P116 million in 2024.
Nexgen had its stock market debut on the Small, Medium and Emerging (SME) board of the Philippine Stock Exchange Inc. (PSE) on July 16, 2024.
It raised P504 million from its initial public offering (IPO) of primary common shares.
Proceeds from the share sale will be used by the company for the 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 (RE) projects.
