VIVANT Energy Corp. expands its investment in Mindanao by acquiring equity interest in Bukidnon Power Corp. (BPC) and North Bukidnon Power Corp. (NBPC) of Sen. Juan Miguel Zubiri.
BPC and NBPC were developed by the Mindanaoan senator to address the intermittent brownouts that were plaguing the region at that time.
Vivant Energy and its wholly owned subsidiary Amberdust Holding Corp. will acquire 90 percent of the outstanding shares of BPC and NBPC from its existing shareholders through share sale and purchase agreements. The purchase price for 90 percent of the shares in BPC is P205,539,482.54 and the purchase price for 90 percent of the shares in NBPC is P228,282,140.86.
The investment 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,” said Vivant Energy executive vice president and chief operating officer Emil Andre Garcia.
“The acquisition and the subsequent partnership with Vivant Energy would greatly boost the efficiency of energy production for our province and the region,” said Zubiri.
NBPC supplies five megawatts of the peaking power requirement in the franchise area of Bukidnon Second Electric Cooperative Inc. through its bunker-diesel power plant in Lantapan. Bukidnon BPC owns the two bunker-diesel power plants that are both contracted to supply the energy requirements of First Bukidnon Electric Cooperative Inc.
As it continues to expand its conventional energy generation portfolio, Vivant Energy has also taken firm steps in finding brownfield and greenfield renewable projects, as well as in technologies that combine both renewable and conventional energy. (PR)