CEBU-based publicly listed company Vivant Corp. sees opportunity for growth of its retail energy group amid growing demand for adaptable energy solutions that include rooftop solar.
The company expects an increase in demand for energy solutions, particularly rooftop solar, as more consumers see the need to better manage their energy-related costs.
Company president Emil Andre Garcia said that while the damage brought by super typhoon Odette (Rai) dampened Visayan Electric’s performance in the first quarter of 2022, the prolonged outage due to damaged power infrastructure has raised awareness on the benefits of solar energy. Vivant partly owns Visayan Electric.
In 2021, Vivant also invested in Buskowitz Energy, a solar engineering, procurement, and construction (EPC) company that provides sustainable solar solutions services to a wide variety of customers. As of today, it has a total generating capacity of 9.23 MW.
Both Buskowitz and Corenergy’s solar solutions contribute to Vivant’s goal of reaching a 30 percent renewable energy portfolio by 2030.
“As we continue to grow the business, understanding our impact on the environment, economy and society is a key step in ensuring business sustainability for Vivant,” said chief executive Arlo A.G. Sarmiento during the firm’s annual stockholders meeting on Thursday.
Since 2019, Vivant has been reporting its sustainability performance using the Global Reporting Initiatives (GRI) standards. In its 2021 Sustainability Report, Vivant identified eight Sustainable Development Goals that include affordable and clean energy.
The company’s CSR is also actively pursuing projects that promote not only quality education but also renewable energy. Vivant Foundation and its partners recently completed a European Union-funded project—Renewable Energy for Livelihood and Youth—which energized 16 off-grid public schools using solar energy, upgraded technical-vocational education of five senior high schools, and provided livelihood assistance to 12 people’s organizations in Cebu, Bohol and Palawan.
Garcia said its fully owned subsidiary, Corenergy Inc., posted a net income after tax of P47.7 million in 2021, a remarkable increase over P2.04 million in 2020.
“This remarkable increase is attributed to Corenergy’s growing customers for energy engineering services and solar solutions. We expect growth in the sector as industries adapt to the changed landscape and see the value of the adaptable energy solutions that Corenergy provides,” Garcia said.
Vivant Corp. also reported a net income of P1.8 billion in 2021, an increase of 23 percent over 2020’s P1.4 billion. The increase is attributed to improved performance of subsidiaries, particularly in power, amid better generation output and increased business activities.(CSL)
June 16, 2022
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