Vivant Energy signs P3.5-b loan deal with BDO to finance power projects

By Alena Mae S. Flores – December 8, 2023, 8:45 pm
from manilastandard.net

Vivant Energy Corp., a wholly-owned subsidiary of Vivant Corp., said Thursday it signed a five-year term loan facility agreement with BDO Unibank Inc. for up to P3.5 billion.

Vivant Energy said it would use the funds to partially finance power generation projects.

Vivant announced in June that Vivant Energy was committed to playing a meaningful role in energy transformation and accelerating growth and improvement of power services in the country.

Vivant president Emil Andre Garcia said the company was looking at wind and solar technologies to contribute to surpassing the company’s renewable energy (RE) targets.

Garcia cited Vivant’s recent acquisition of San Ildefonso Alternative Energy Corp. which would develop a 22-megawatt solar power plant in Bulacan province.

Another fully-owned subsidiary, COREnergy, contributes to the RE target by growing its rooftop solar business from 2 MW to 6 MW in 2022.

COREnergy, a retail company that offers total energy solutions to commercial and industrial establishments, aims to add 18 MW of solar rooftop generation capacity by the end of the year.

Vivant Energy’s acquisition of the shareholding of Gigawatt Power Inc. in several power generation facilities also supports the group’s commitment to contributing to the social and economic development in the countryside by providing stable and reliable power primarily in SPUG or off-grid areas.

Vivant Energy has full ownership of Isla Mactan Power Corp. which operates the 23.3-MW diesel power plant that provides stable and reliable power in Bantayan Island, Cebu.