Diesel power plant awarded to 1590 EC
BY LENIE LECTURA – APRIL 7, 2022
from Business Mirror
VIVANT Corp.-subsidiary 1590 Energy Corp. (1590 EC) now owns a 225-megawatt (MW) diesel power plant located in the Municipality of Bauang, La Union.
The Provincial Government of La Union (PGLU) issued last April 6 the notice of award to 1590 EC for the ownership of the power facility, which 1590 EC has been operating and maintaining since 2010 under a lease contract with the provincial government.
In its disclosure to the Philippine Stock Exchange, Vivant Corp. said “the Notice of Award was issued by the PGLU in favor of 1590 EC in the Second Round of the Public Auction Sale, after receiving the highest bid from 1590 EC on April 1, 2022, the Bid Submission Date, and a successful conduct of post-qualification evaluation by the PGLU.”
“We welcome this opportunity to solidify our commitment to be a partner in the continued development of both the Province of La Union and the Municipality of Bauang,” 1590 EC Chairman Emil Andre M. Garcia said. “We will invest further into BDPP to continue providing stable and reliable power to the grid.”
The Bauang Diesel Power Plant (BDPP) is the largest bunker-fired power plant in terms of generating capacity. The plant has helped address the supply needs of the Luzon grid since the start of its commercial operations in 1995.
“While diesel-fired plants use fossil fuel technology, the speed at which they can be fired up supports the expansion of renewable energy in the total energy mix by providing fast-reacting ancillary power to support renewable energy expansion,” 1590 EC President Mark D. Habana said.
1590 EC said that aside from contributing to local government revenues, the firm has helped improve everyday living in the communities surrounding the plant and in nearby municipalities. In partnership with Vivant Foundation, 1590 EC has contributed to uplifting public education in Bauang through the construction of classrooms and science laboratories, according to the company.
The company said it also provided immediate relief assistance following natural calamities and support for the implementation of distance learning during the Covid-19 pandemic. 1590 EC is a majority-owned subsidiary of Vivant Energy Corp. (Vivant Energy), which is in turn a wholly-owned subsidiary of Vivant Corp.
Vivant Energy is holding the Vivant group’s investment portfolio in power generation and supply assets.
Vivant saw its income from operations in 2019 decrease by roughly 9.5 percent to about P932.43 million from P1.03 billion in 2018, the annual financial report it submitted to the PSE showed.
The firm, nonetheless, saw its cash and cash equivalents increase roughly 5.47 percent to P2.3 billion in 2019 from P2.19 billion the previous year.
