Vivant Energy Corp. said it was acquiring equity interest in Bukidnon Power Corp. (BPC) and North Bukidnon Power Corp. (NBPC) of Senator Juan Miguel Zubiri, expanding its investment in Mindanao.
BPC and NBPC was developed by the senator to address the intermittent brownouts that was plaguing the region in the past.
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 under share sale and purchase agreements.
The investment aims to further ensure stability and reliability of power supply in Bukidnon, 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.
NBPC supplies 5 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.