Pure Energy Holdings Corp. (PEHC) subsidiary NexGen Energy Corp., announced plans to develop solar and wind power projects with a capacity of over 2,350 megawatts (MW) over the next ten years.
NexGen, the wind, solar and agriculture technology development arm of PEHC, is also preparing the sale of its shares under an initial public offering to raise funds for a string of renewable energy projects still in the pipeline.
“We are excited about NexGen’s role in helping to secure the country’s energy supply. We support the Department of Energy’s (DOE) goal of achieving a 35 percent renewable energy share by 2030,” said Eric Roxas, NexGen president, in a statement.
In a separate message to reporters, Roxas said the company needs $100 million over the next five years to build solar and wind power facilities. Solar plants require investing $750,000 for every MW produced while wind projects require $1 to $2 million per MW.
NexGen’s subsidiaries include SPARC-Solar Powered Agri-rural Communities Corp. which operates three solar farms in Zambales, Bataan and Bulacan; 5Hour Peak Energy Corp. which has a pipeline of over 1,000 MW of solar projects; and Airstream Renewables Corp. which has a pipeline of up to 1,330 MW of onshore and offshore wind projects.
At the moment, NexGen also has eight wind energy service contracts under Airstream with four more WESCs for consolidation into Airstream.
Also, it has sought from the DOE solar energy service contracts and big-ticket unsolicited proposals being reviewed at several government agencies.
NexGen has three operating solar farms with a total capacity of 14 MW.
NexGen’s parent firm, PEHC, is a holding company with interests in hydropower, solar, wind and geothermal assets as well as bulk water and distribution facilities.
