Vivant Energy Corp., a wholly owned subsidiary of Vivant Corp., has acquired a solar power plant in San Ildefonso, Bulacan province to help boost the company’s renewable energy portfolio to 30 percent by 2030.
In a statement on Wednesday, Vivant Energy said the solar power plant has a target capacity of 22 megawatt peak.
This follows the company’s recent acquisition of San Ildefonso Alternative Energy Corp. (SIAEC), which will develop the Bulacan power plant.
The project, located on a 24.5-hectare site, is set to generate about 30 gigawatt hours annually, preventing the emission of around 18,000 tons of carbon dioxide every year.
“We will continue to look for opportunities, not just in solar but also in other technologies as part of our thrust to support countrywide development and improve everyday living in our communities,” said Vivant Corp. president Emil Andre Garcia.
Vivant Energy signed a share sale and purchase agreement with Cleantech Global Renewables Inc., parent firm of SIAEC, in February to acquire 1,250,004 shares of the latter in SIAEC.
It also signed a subscription agreement for SIAEC’s 3,749,996 unissued shares. According to Cleantech, the solar project will have 64,380 solar panels and five inverters, which can provide power to around 15,000 households.
Vivant Energy currently holds Vivant Corp.’s investments in energy generation, retail electricity supply and energy-related engineering solutions in Luzon, the Visayas and Mindanao.