NexGen Energy Corp. Increases Stake in SPARC Solar Unit for P80 Million

NexGen Energy Corp., one of the players in the renewable energy industry, has increased its stake in its subsidiary, Solar Powered Agri-Rural Communities Corporation (SPARC), by subscribing to an additional 80,000,000 common shares. The company’s equity therein from 77.78% to 95.56%

The infusion of additional capital to grow SPARC’s portfolio of Solar Farms hand in hand with the company’s other solar subsidiaries.
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The terms and conditions of the transaction:
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Number of shares to be acquired or disposed: 80,000,000
Percentage to the total outstanding shares of the company subject of the transaction: 88.88%
Price per share: P1.00

NexGen Energy is a wholly owned subsidiary of Pure Energy Holdings Corporation. NexGen Energy is reinventing the wind and solar industry in the Philippines by deploying its utility-scale projects in embedded areas, thereby reducing transmission losses and empowering Distribution Utilities by introducing high-performance systems, streamlined operations, and focused engineering. The goal is to provide clean, sustainable and reliable wind energy and peak solar at a reasonable cost for the benefit of the surrounding communities where the company’s projects are located.

NexGen Energy is growing through the acquisition of strategically located solar and wind farms of high potential, expanding the capacities of these farms according to demand needs of the host Distribution Utility and contestable customers in a particular area. The company plans to further expand its portfolio by entering the floating solar market, offshore wind, and is looking for opportunities around Asia.