Vivant acquiring solar power project in Bulacan
The energy business of Cebu-based Vivant Corp. is acquiring a company that will own and operate a solar power plant in Bulacan, in line with goals to bolster its presence in the renewable energy arena.
In a disclosure, Vivant said its subsidiary Vivant Energy Corp. signed a share sale and purchase agreement as well as a subscription agreement for the acquisition of San Ildefonso Alternative Energy Corp. (Siaec).
“The transaction is a strategic investment to increase Vivant’s footprint in the renewable energy industry,” added Vivant.
The company already paid $5 million for the purchase of 1,250,004 shares of CleanTech Global Renewables Inc. in Siaec.
Corporate advisory firm TFC Capital Philippines Inc. served as CleanTech’s adviser for this transaction.
It also made another P3.7 million in payment for the subscription of 3,749,996 unissued shares of Siaec.
Article continues after this advertisement“The amount of the consideration was negotiated between the parties, but the exact price per share for the shares of CleanTech is yet to be determined, based on the yearend financial results,” it said.
Article continues after this advertisementSiaec is the project company for a 22-megawatt solar power plant located in San Ildefonso town. This is CleanTech’s second solar project in the area which is currently in its construction stage.
Generating capacity
Based on CleanTech’s website, the solar project, which will rise on a 24.5-hectare site in the province, has 64,380 solar panels and five inverters. It is seen to generate 30 gigawatt hours annually.
“The plant therefore has the capability to provide power to approximately 15,000 households, which translates to an offset of 18,000 tons of CO2 (carbon dioxide) annually,” said CleanTech.
Vivant said sealing the deal, which Vivant Energy’s board approved in December last year, is subject to the “usual conditions precedents.”
“This transaction is expected to generate returns for Vivant Corporation’s shareholders,” it added.
Vivant previously unveiled its plan of beefing up the renewable energy share in its power portfolio to 20 percent by 2023 and scaling it up further to 30 percent by 2030.
It had earmarked P30 billion in capital spending between 2022 and 2027, of which P25 billion would go to renewable projects covering wind, hybrid and solar facilities, and the remaining P5 billion to address the water supply needs of Cebu.
