MANILA, Philippines - NexGen Energy Corp. on Tuesday said its subsidiary, Airstream Renewables Corp., has relinquished two wind service contracts due to project feasibility issues.
In a disclosure to the Philippine Stock Exchange (PSE), the company said that it had canceled wind energy service contract (WESC) No. 2023-12-356, for the exclusive right to develop the Asian Wind Farm Project, and WESC NO. 2024-02-373, which allows the exclusive right to develop the Sambong Wind Farm Project near Tagaytay City, and Alfonso, Cavite, respectively.
"Our subsidiary, Airstream Renewables Corp., was awarded the WESC to develop the Asisan Wind Farm Project, covering portions of Tagaytay City, Mendez, and Alfonso, Cavite," the company said.
It added that upon site evaluation and based on resulting technical data, significant portions are affected by residential development, creating safety setback constraints, environmental concerns, and spatial limits, which elevate navigational hazards.
Based on site assessments by 3rd party contractors, the company determined contract areas face geotechnical challenges due to hollow bedrock nature of the actual terrain making construction and wind turbine generators installation financially unviable.
NexGen Energy's Tuesday was unchanged at P2.60 each on Tuesday.
