Cebu-based Vivant group has earmarked P5 billion in capital expenditures (capex) for power projects until 2023 in anticipation of a rise in electricity demand as the economy further reopens.
Emil Andre Garcia, senior vice president for Vivant’s power business, said in a briefing that the amount was for power projects covering conventional types and renewable energy.
Currently, Vivant has under its belt 385 megawatts of power generation capacity, of which 95 percent uses conventional platforms such as diesel-fired and coal-fed generators.
Budget increase
“However, because of aggressive renewable energy targets, a large chunk of that (three-year capex) is allocated for renewables,” Garcia said.
Vivant has set a goal of expanding its portfolio to 500 MW by 2023 or by at least 100 MW over the next three years.
Arlo Angelo Sarmiento, who like Garcia sits at Vivant’s executive committee, said P3 billion of the capex program was earmarked for 2021 alone, a sharp increase from the P500-million budget last year.
Moving forward, Vivant is looking at stepping up its rooftop solar power systems business with the aim of becoming the leader in this segment.
By the end of 2021, Vivant’s goal is to rack up 10 to 11 MW of installed capacity of its rooftop solar systems. Another 13 MW is expected to come online by 2022.
Earlier, Vivant said it was looking to further expand into power generation in Mindanao, leveraging the recently completed acquisition of Bukidnon Power Corp. and North Bukidnon Power Corp. for a price tag of P434 million. INQ