Vivant to raise P3B for expansion
Listed energy firm Vivant Corp. may raise as much as P3 billion in equity to finance the continued expansion of its power generation portfolio.
In a statement following its stockholders’ meeting, the firm disclosed that at end of 2015, its generation capacity had reached 252 megawatts. This is expected to expand by at least 55 percent once ongoing projects are completed, for which the firm would need equity infusion.
Vivant has so far invested about P2.5 billion in two projects involving the construction of two thermal power generation plants. It owns 40 percent and 20 percent equity stakes in Minergy Power Corporation. and Therma Visayas Inc., respectively.
These investments are expected to add 120 MW of attributable capacity to Vivant’s portfolio by 2018.
Minergy Power is currently constructing a 3 x 55-MW coal fired power generation facility in Misamis Oriental. Its completion by the end of 2017 is expected to provide a new and stable source of power for Mindanao.
Therma Visayas is building a 300-MW coal fired power generation facility in Toledo City, Cebu. The project consists of two units, with the first expected to be completed and connected to the grid by the end of 2017, to be followed by a second unit three months after.
Apart from investing in new projects last year, Vivant—through a 50 percent-owned associate firm—embarked on a P1.6-billion expansion deal involving the construction of an additional 30-MW diesel fired plant in Puerto Princesa, Palawan. This is seen completed by the end of this year.
The company also said it was continuing to explore opportunities to expand and strengthen its core business—power generation and electricity distribution. Vivant said this would be done through acquisitions, green and brownfield initiatives or joint venture.
In 2015, the company reported P1.1 billion in net profit.
Vivant is the listed holding company of Cebu’s Garcia-Escano family.
