Vivant Corporation CEO Arlo Garcia Sarmiento called 2023 the company’s “banner year” after the publicly-listed Cebu-based energy and water conglomerate posted P2.3 billion in net income last year.
The successful year, according to Sarmiento, was brought on by the momentum of the lifting of the State of Public Health Emergency in 2022, when utilities were the only sector in industry that reported higher growth rates, matched with the soaring demand for energy.
Sarmiento shared a forecast that the demand is “expected to reach 21,000 megawatts (MW) by 2025, and 30,000 MW by 2030.”
“All these factors led to a banner year for Vivant,” said Sarmiento in his address at Vivant’s 2024 Annual Shareholders’ Meeting. “Allow me to take this opportunity to congratulate everyone for a job well done,” he continued, “and on behalf of the Vivant Bais, I thank our board of directors, our shareholders, and our many stakeholders for the overwhelming support last year.”
Adjacent to its efforts to meet the heightening demand for energy across the country, Vivant also made strides in renewable energy, Sarmiento reported.
“We aim to sign up to 500 MW of renewable energy service contracts this year which we plan to convert to capacity before 2030,” he added.
Additionally, Sarmiento shared Vivant’s plans to build the Philippines’ largest wind farm in a consortium with a foreign partner.
“We are keen to pursue partnerships like these that align with our values to help fund capital for growth,” said Sarmiento.
“If we are successful, we should be on track to exceed our target of achieving 30% green energy by 2030.”
The Vivant CEO also expressed their eagerness to see the growth of retail energy, calling it “the next frontier of the energy industry,” as Retail Competition and Open Access (RCOA) contestability thresholds in Mindanao continue to lower while its customer base grows.
“We, at Vivant, are gearing ourselves for this new consumer-driven energy market and we are excited to take on the challenges of this new paradigm in the energy industry,” Sarmiento remarked.
Vivant’s water strategic business unit made history last month as it held its first water ceremony as the country’s pioneer utility-scale seawater desalination facility.
“With that, your company is open for business in what we consider to be a blue ocean infrastructure space,” Sarmiento told shareholders.
The company intends to take advantage of this opportunity to grow further, according to Sarmiento, citing Vivant’s water unit’s objective to “provide close to 100 MLD (million liters per day) of bulk water by 2030.”
The Isla Mactan-Cordova Corporation (IMCC) plant in Cebu is only the beginning for Vivant, as the company seeks to “invest in other segments of the water value chain,” and promote water security for Cebuanos.
Achieving this, Sarmiento pointed out, “requires a coordinated effort at local, national and international levels so we intend to partner with different stakeholders to ensure we can bring excellence to the water infrastructure space.”
Vivant’s P2.3 billion-earnings was its second highest consolidated net income since its incorporation. Coincidentally, Vivant also celebrated its 20 year anniversary in 2023.
In 2024, Vivant will continue to be in “growth mode,” according to Sarmiento.
“With the right systems, culture, organization, and most of all the right people and teams, we believe [Vivant] will succeed and realize its growth aspirations,” he concluded.
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(Published on Bilyonaryo PH, June 20, 2024)
