Vivant Corp completes 32.26% stake sale in Buskowitz Energy
Photo from Vivant Energy Corp/Website
The renewable energy business of Cebu-based Vivant Corp. has closed the transaction to divest its stake in solar company Buskowitz Energy, Inc. (BEI).
In a disclosure on Tuesday, Vivant said its unit Vivant Renewable Energy Corp. (VREC) complied with the post-closing requirements to sell its 32.26-percent stake in Buskowitz Energy.
The listed firm disclosed its plan to sell its share in BEI to Aurora Sustainable Energy Pte. Ltd., a private limited company incorporated in Singapore, last September to focus on its other business operations.
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Vivant did not disclose the value of this transaction but only said the amount is “less than 10 percent of Vivant’s total assets.”
Payment will be made in one or more installments on a deferred basis.
“The transaction is aligned with Vivant Energy initiatives to focus on its core competencies as it concentrates on its investment initiatives on its retail energy supply (RES) and Small Power Utilities Group (SPUG) businesses,” it said.
SPUG, operated by the National Power Corp., provides electricity to areas not linked to the transmission grid.
James Buskowitz, president and CEO of Buskowitz Energy, said last year this decision was “rooted in mutual respect and a shared vision for a sustainable future.”
Although VREC will no longer hold shares in Buskowitz Energy, it had said it won’t be severing its ties with the Singapore-based entity as it remained a potential partner in pursuing solar projects.
Buskowitz Energy is a solar development, engineering, procurement, and construction company that offers solar power purchase agreements, leases and solar loans for companies and individuals to help them switch to renewable energy solutions.
On the other hand, VREC, the holding company for the energy-related investments of Vivant, was poised to meet its target capacity of 70 percent conventional and 30 percent renewable by 2030.
Last June, Vivant unveiled its plan to earmark P15 billion for various clean energy projects until 2030.
