NexGen Energy Corp.’s wind development subsidiary, Airstream Renewables Corp. (ARC), told the Department of Energy (DOE) that it will surrender its exclusive rights to two wind farm projects due to technical and safety limitations discovered during site assessments.
In a disclosure to the stock exchange on Wednesday, the company cited rapid residential expansion, creating space limitations, environmental worries, and heightened safety and navigational hazards as reasons why it will give up wind energy service contract (WESC) no. 2023-12-356, or the Asisan wind farm project, covering portions of Tagaytay City, Mendez, and Alfonso, Cavite.
For WESC No. 2024-02-373, or the Sambong wind farm project located across Tagaytay City and Alfonso, Cavite, as well as Laurel and Nasugbu, Batangas, the company cited hollow bedrock terrain, making wind turbine generator (WTG) installation structurally challenging and financially unviable. ARC is currently awaiting the DOE’s official acceptance of the relinquishment and the termination of both WESCs. Because both projects are still in their early pre-development stages, this termination will have no impact on NexGen’s financial condition or ongoing operations.
In December 2025, NexGen announced that ARC bagged onshore wind energy service contracts (WESC) with a total capacity of 1.7 gigawatts from the DOE.
These are the 600-megawatt (MW) Pangasinan Onshore Wind Power Project, 600-MW Samar Onshore Wind Power Project, and the 500-MW Nueva Ecija Onshore Wind Power Project. The projected investment amounts to $2.5 billion.
NexGen raised some P504 million in gross proceeds from its initial public offering in July 2024.
The company is using the funds to carry out its growth plans. It also allocated capital to develop and acquire renewable energy projects.