A UNIT of energy holding firm Vivant Corp. has boosted its stake in Delta P Inc. to end up owning half of the company that owns and operates a 16-megawatt diesel-fired power plant in Palawan.
In a statement, Vivant said its wholly owned subsidiary, Vivant Energy Corp., had raised its interest in Delta P—which supplies part of the power requirements of Palawan Electric Cooperative Inc. (Paleco)—from 35 percent to 50 percent.
Early this month, VEC acquired 6.3 million common shares of Delta P from partner Gigawatt Power Inc. (GPI), accounting for VEC’s additional 15 percent equity in Delta P.
The acquisition of shares will thus result in an equal 50-50 percent equity split between VEC and GPI in Delta P.
Vivant, which was incorporated in 1990, is engaged in electric power generation (renewable and non-renewable energy), electric power distribution and retail electricity supply business.
In 2007, VVT through its subsidiaries and affiliates, started its foray into the power generation business via equity investments in Delta P along with the following generation companies: Cebu Private Power Corp., owner and operator of a 70-MW diesel-fired power plant located in the island of Cebu and Cebu Energy Development Corp., a project company that owns and operates a 246 MW coal-fired power plant in Toledo City, Cebu.
In 2010, Vivant entered into an agreement with the Provincial government of La Union for the management and operation of the 225 MW Bauang diesel-fired power plant.
Vivant, which is 76-percent collectively owned by the Garcia-Escaño family of Cebu, has a market capitalization of P23 billion.