MANILA -Cebu-based firm Vivant Corp. will earmark the bulk of its capital expenditure (capex) in the next seven years for the expansion of its renewable energy (RE) portfolio through its power subsidiary, the top official of the company said on Thursday.
Vivant president Emil Andre Garcia announced that P21 billion—or more than 75 percent of its total capex until 2030–would be spent on RE projects as it grows its solar energy business through Vivant Energy, a wholly owned subsidiary that manages its power assets.
“Vivant Energy is committed to play a meaningful role in energy transformation and to accelerate growth and improvement of power services in the country,” Garcia said at the company’s annual stockholders’ meeting.
Earlier this year, Vivant announced its acquisition of Bulacan-based firm San Ildefonso Alternative Energy Corp., which will develop a 22-megawatt peak (MWp) solar plant in Bulacan slated to boost Vivant Energy’s RE portfolio to 30 percent of the total capacity by 2030.
Vivant Energy acquires Bulacan solar plant
The project, being put up on a 24.5-hectare property, is set to generate about 30 gigawatt-hours of electricity annually, and prevent about 18,000 tons of carbon dioxide emissions every year.
Vivant Energy also recently acquired Gigawatt Power Inc.’s shares in several power generation facilities that provide power to small power utilities group areas, or those that are not connected to the national grid.
The company now has full ownership of Isla Norte Power Corp., which operates a 23.3-MW diesel-fired power plant in Bantayan Island, Cebu province.
Garcia likewise said their water solutions subsidiary, Vivant Infracore Holdings Inc., will invest about P16 billion over the next five years in water resource utilization and wastewater engineering projects.
These will help address both water supply challenges and the threat of untreated wastewater on vital ecosystems, according to Garcia.
“By addressing environmental, social and governance factors head-on, we not only protect our company from potential risks but also position ourselves as leaders in creating a more sustainable future,” said Vivant chief executive officer Arlo Sarmiento.
In 2022, low power revenue and electricity sales pulled down Vivant’s earnings despite positive income share from its infrastructure and solar rooftop business.
This resulted in a 15-percent drop in the company’s net income to P1.6 billion.
Vivant earlier announced that it planned to spend P30 billion in the next three to five years to increase the share of RE in its portfolio.