Vivant unit awarded Palawan supply deal

By Ed Paolo Salting – November 20, 2024
from The Manila Times

VIVANT Corp. said Tuesday that Vivant Energy subsidiary Delta P. Inc. (DPI) had finalized a 15-year power supply agreement (PSA) with Palawan Electric Cooperative.

The PSA, for 40 megawatts of contracted capacity, was awarded following a competitive selection process conducted by the National Electrification Administration (NEA).

“This PSA is vital in ensuring stability, fostering innovation, driving long-term growth, giving us the foundation to plan, build and deliver lasting solutions,” DPI President Eric Omamalin said.

“Looking ahead, this partnership inspires us to innovate further, enhance our services and continue powering progress for the next 15 years and beyond,” he added.

NEA Administrator Antonio Mariano Almeda said “this development shows the unwavering commitment of NEA to support electric cooperatives who face challenges in completing their power procurement process, as this was the first CSP conducted by NEA for a cooperative.”

“Overall, NEA is here to ensure no cooperative is left behind,” he added.

Vivant recorded a net income of P1.79 billion in the first nine months of 2024, a decline from P2.14 billion last year.

Revenues reached P8.84 billion, 46 percent higher than P6.05 billion in 2023, due to higher sales volumes from conventional power plants, retail electricity supply and solar rooftop businesses.

Vivant’s share price rose by P0.94 to close at P17.00 each on Tuesday.