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Saturday, December 15, 2018

Vivant to spend P3.3B for projects until 2020

LISTED-ENERGY firm Vivant Corp. is infusing P3.3 billion in equity investments to fund various projects between 2018 and 2020.

Of the capital expenditure, the company will earmark P33.8 million to erect a 2.6-megawatt (MW) Sabang Renewable Energy Corp. (SREC) in Puerto Princesa, Palawan.

Vivant has 30 percent equity share for this renewable hybrid plant with a micro-grid component that is slated for completion in 2019.

The company will also spend P85.3 million to build a 6.07-MW renewable hybrid project through Cullion Renewable Energy Corp. (CREC), which they own 35 percent stake.

This project is contracted to the Busuanga Island Electric Cooperative in Culion and Linapacan in Northern Palawan.

Moreover, some P2.1 billion will also be initially invested to put up a 670-megawatt (MW) coal-fired power plant in La Union under Global Luzon Energy Development Corp. (GLEDC), whose completion is slated in 2020. Vivant has 42.5 percent stake in the project, which is in partnership with Global Business Power Corp. (GBPC).

“Vivant is among the largest players in the off grid market. This sector continues to be a priority growth area,” said Arlo Sarmiento, Vivant Corp. executive vice president and chief operating officer, during the company’s annual stockholders’ meeting yesterday in Montebello Villa Hotel.

Sarmiento said that as the energy sector continues to evolve, Vivant will adapt by being open to all opportunities and by being forward-looking.

“We continue to push for on-time developments of these projects, which would grow our total attributable capacity to 422 MW by 2019,” he said.

Vivant is in the business of energy distribution, generation, and retail electricity supply.

Its net income slightly dropped to P1.26 billion last year from P1.29 billion in 2016 in the midst of intense market competition and expiration of income tax holiday of an associate company. (KOC)


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