Pure Energy Holdings Corp. (PEHC) subsidiary NexGen Energy Corp. plans to develop solar and wind power projects with a capacity of over 2,350 megawatts (MW) over the next 10 years.
NexGen, the wind, solar and agriculture technology development arm of PEHC, is also preparing for its initial public offering to raise funds for its renewable energy projects in the pipeline.
“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 Eric Roxas, NexGen president, in a statement.
In a separate message to reporters, Roxas said the company will need around $100 million in the next five years as the current cost to build solar plants is $750,000 per MW while wind projects require $1 to $2 million per MW.
NexGen has three main subsidiaries including 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.
The company also has eight wind energy service contracts (WESC) under Airstream, with four more WESCs in the process of being consolidated into Airstream.
It also has solar projects in application with the DOE for solar energy service contracts under 5hour Peak Energy, as well as big ticket unsolicited proposals currently being reviewed at several government agencies.
NexGen has three operating solar farms with a total capacity of 14 MW.
