Vivant unit buys solar power firm Cleantech

BY LENIE LECTURA – JANUARY 6, 2023
from Business Mirror

THE power arm of Vivant Corp. is acquiring a solar power firm that has plans to put up a 22megawatt peak (MWp) solar power project in San Ildefonso, Bulacan.

Vivant disclosed last Thursday that Vivant Energy Corp. (Vivant Energy) signed a share sale and purchase agreement with Cleantech Global Renewables Inc. (Cleantech) to acquire 1,250,004 shares of the latter in San Ildefonso Alternative Energy Corp. (SIAEC), the project company for the solar plant project. The deal will be completed upon fulfillment of all conditions for the sale.

Also, Vivant Energy signed a subscription agreement for the 3,749,996 unissued shares of SIAEC.

TFC Capital (Philippines), Inc. served as the transaction adviser of Cleantech.

The transaction was approved by the Board of Vivant Energy on December 22, 2022.

SIACEC is CleanTech’s second solar project in the area. It is currently in its construction stage. With its 64,380 solar panels and five inverters, the 24.5 hectare site has the capacity to generate 30 gigawatts every year. With this, the solar plant has the capability to provide power to approximately 15,000 households, which translates to an offset of 18,000 tons of CO2 annually.

Last year, Vivant Corp. said it was allocating a budget of P25 billion to finance various projects that it plans to put up until 2027. Among the power projects lined up include a 212MW solar farm, 62MW solar and battery storage project, and 129MW solar rooftop.

The company has set a target of 1,000MW of installed power generation capacity, of which 30 percent will come from renewable energy sources.

The Cebu-based firm earlier reported a net income of P491.26 million in the third quarter of last year, 11 percent down from P551.86 million in the same period in 2021.

Revenues went up to P1.65 billion, or 26 percent from the same period a year ago, but expenses ballooned by about half to P1 billion.