Publicly listed Vivant Corp. is putting up a P1-billion hydroelectric power plant in Silay, Negros Occidental, to help boost electricity supply in the province.
In a disclosure to the Philippine Stock Exchange on Tuesday, the company said the planned Malogo River hydroelectric power project would be undertaken by its operating subsidiary, Vivant-Malogo Hydropower Inc. It will be constructed in three phases.
The first phase will involve the construction of a power unit that can generate 6 megawatts at a cost of P1 billion. Vivant is targeting to commission the first phase of the project within the last quarter of 2015.
Vivant said it was expecting to generate employment for more than 400 people during the construction stage.
The company has also committed to assist the local government in the maintenance of an eight-kilometer barangay (village) road.
Once completed, the hydroelectric power project is expected to significantly reduce greenhouse gas emissions and help save about 60,000 barrels of imported oil worth $6 million yearly, Vivant said.
“This Malogo project will provide Negros Island with dependable, clean and competitively priced power, thereby strengthening its position as a thriving tourist and investment destination in the Visayas,” said Vivant vice president for corporate planning Emil Andre M. Garcia.
Vivant, however, did not disclose the details of the second and third phases of the project. The company is owned by the Garcia-Escano family of Cebu.