THE construction of the 20 million liter per day desalination plant in Cordova, Cebu was already 61 percent complete as of 2023.
According to publicly listed and Cebu-based energy and water company Vivant Corp., the desalination plant is expected to be operational by the end of the third quarter of 2024.
The plant touted as the first utility-scale seawater desalination facility in the country is Vivant Infracore Holdings Inc.’s attempt at providing a sustainable solution to Cebu’s water crisis as it is expected to produce potable water that will satisfy the daily consumption of roughly 20,000 households.
The company tapped Israel-based Watermatic Philippines as its technical partner.
Vivant Infracore is the water business unit of Vivant Corp.
2023 performance
Vivant Corp. ended 2023 with a 43 percent growth with a net income of P2.3 billion, driven by its power business.
“2023 was another banner year for us at Vivant and we could not have achieved this without the support of our shareholders, customers and our employees,” said Vivant Corp. chief executive officer Arlo Sarmiento in a statement.
“We take pride in helping the nation move forward by supplying a reliable, consistent and steady supply of electricity and more recently, offer alternative solutions to address the water security concerns through our foray into the water infrastructure sector,” Sarmiento said.
Vivant Energy Corp., the firm’s energy business unit, continued to drive its solid financial performance in 2023 with a total income contribution of P3.1 billion, up by 36 percent from the previous year.
The power generation business segment ended the year with a total income contribution of P1.9 billion, versus the previous year’s P1.5 billion due to strong results from both the on-grid and off-grid business segments.
Renewable sources
“Vivant remains bullish in sustaining our growth in the power generation and electricity distribution sector as well as in the water infrastructure segment. We will continue to play a pivotal role in transitioning to more renewable energy sources and work towards a more sustainable and environmentally friendly future,” said Sarmiento.
Vivant Energy also expanded its off-grid portfolio in 2023 by consolidating ownership in facilities located in Puerto Princesa, Palawan (Delta P Inc.), Coron and Busuanga, Palawan (Calamian Islands Power Corp.) and Bantayan Island, Cebu (Isla Norte Power Corp.).
The acquisition resulted in an expanded investment in the Small Power Utilities Group from 35 megawatts (MW) to 63 MW, nearly doubling Vivant Energy’s attributable installed capacity in this segment.
The company’s distribution business, on the other hand, posted a positive recovery in 2023 with an income contribution of P1 billion, a 33 percent year-on-year increase. This was at the back of a 12 percent surge in electricity sales for the year, with both residential and non-residential markets posting healthy consumption growth.
The retail group, meanwhile, ended the year with a bottom line share of P72.4 million, up by 33 percent year-on-year. Rooftop solar and the retail electricity business contributed to the favorable earnings due to increased energy delivered and an increased customer base.
However, the group’s water business Vivant Infracore Holdings Inc. posted a negative income contribution of P15.6 million versus 2022’s profit share of P6.3 million. The decline was due to higher incurred costs and operating expenses.
Vivant’s consolidated assets as of Dec. 31, 2022 amounted to P29.9 billion, which was attributed to project development initiatives in both the energy and water strategic business units. / KOC