NEXGEN Energy Corp. has infused an additional 80 million shares in subsidiary Solar Powered Agri-rural Communities Corp. (SPARC), increasing its ownership to 95.56 percent from 77.78 percent.
“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 our other solar subsidiaries,” NexGen Energy President and CEO Eric Peter Roxas said.
“As the parent company, we will be a proactive partner in helping SPARC produce clean and reliable energy for the communities it serves,” he added.
NexGen Energy said the acquisition of shares would allow SPARC to raise funds for various corporate functions and expansion.
SPARC owns and operates three solar farms in Bulacan, Zambales and Bataan.
NexGen Energy said it also planned to add another solar farm with 8- to 10-megawatt capacity in Palauig, Zambales.
NexGen Energy, the wind and solar power development firm of Pure Energy Holdings Corp., operates SPARC, 5hour Peak Energy Corp. and Airstream Renewables Corp.
NexGen Energy’s share price fell by 8 centavos to P2.30 apiece on Tuesday.
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