Cebu-based Vivant Corp. is expanding in the Mindanao region with the acquisition of two diesel power plants in Bukidnon for over P430 million.
In a disclosure to the Philippine Stock Exchange Tuesday, listed Vivant Corp. said its whole owned units Vivant Energy Corp. and Amberdust Holding Corp. (AHC) signed share sale and purchase agreements (SSPAs) to acquire equity interests in Bukidnon Power Corp. (BPC) and North Bukidnon Power Corp. (NBPC).
Under the deal, Vivant Energy and AHC will acquire 90 percent of the outstanding shares of BPC and NBPC from its existing shareholders amounting P205.54 million and P228.28 million, respectively.
Vivant said 90 percent of the shares will be acquired by Vivant Energy and the remaining 10 percent by AHC.
The acquisition will contribute to the continued expansion of the company’s business activities in the Mindanao region, Vivant said.
The investment also aims to further ensure stability and reliability of the power supply in Bukidnon Province, particularly during peak hours.
“We are confident in the recovery and growth of the Philippine economy, and we believe that Mindanao will play a more significant role in it. That growth will require a stable and reliable power supply, which we are committed to provide,” Vivant Energy EVP and COO Emil Andre Garcia said in a statement.
NBPC supplies five megawatts (MW) of the peaking power requirement in the franchise area of Bukidnon Second Electric Cooperative Inc. through its bunker-diesel power plant in Lantapan, Bukidnon.
Meanwhile, BPC is the owner of two bunker-diesel power plants that are both contracted to supply the energy requirements of First Bukidnon Electric Cooperative Inc.
Vivant continues to expand its conventional energy generation portfolio. It has also taken firm steps in finding brownfield and greenfield renewable projects, as well as in technologies that combine both renewable and conventional energy.
Read the original story here.
(Published in Philippine Star, 25 February 2021)