NEXGEN Energy Corp., a wholly owned subsidiary of Pure Energy Holdings Corp. (PEHC), is preparing for an initial public offering (IPO) to raise funds for the development of renewable energy (RE) projects in the country with a total capacity of 2.35 gigawatts (GW).

The RE projects are to be developed over the next 10 years, it said, without elaborating on the details of the projects.

"We are excited about our 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," NexGen Energy president Eric Roxas said in a statement.

NexGen Energy was established on June 7, 2017 as the wind, solar, and agriculture technology development arm of PEHC, and is a sister company of PEHC's hydropower arm, Repower Energy Development Corp. (REDC), which debuted on the Philippine Stock Exchange (PSE) in July of last year.

A successful market debut for NexGen Energy would mean two listed subsidiaries for Dexter Tiu-led PEHC.

There are three business units under NexGen Energy: Solar Powered Agri-rural Communities Corp. (Sparc), which operates three solar farms in Zambales, Bataan, and Bulacan; 5Hour Peak Energy Corp., which has a pipeline of over 1,000 megawatt-peak (MWp) solar projects; and Airstream Renewables Corp., which has a pipeline of up to 1,330 MW of onshore and offshore wind projects.

The company said that it currently had eight wind energy service contracts (WESC) under Airstream, with four more WESCs in the process of being consolidated into the said business unit.

NexGen added that several solar energy service contracts (SESCs) for 5Hour Peak Energy were currently under application with the DoE, and that the company also has a number of "big-ticket" unsolicited proposals currently being reviewed by several government agencies.

Its parent company, PEHC, is a holding company engaged in hydropower, solar, wind, and geothermal projects, as well as bulk water and distribution facilities.