Vivant unit sells stake in SREC

BY LORENZ S. MARASIGAN – NOVEMBER 29, 2021
from Business Mirror

Vivant Corp. has completely divested its shareholdings in Sabang Renewable Energy Corp. (SREC), which owns and operates a hybrid power generation facility in Puerto Princesa, Palawan.

In a disclosure to the stock exchange, the listed company said its wholly-owned subsidiary Vivant Renewable Energy Corp. (VREC) has sold its 30-percent shareholding in SREC for P33.23 million.

Sought for clarification, Vivant Corporate Communication Manager Liberty Pinili said the shares were sold to a certain Maharlika Clean Power Holdings Corp. Pinili did not explain further.

SREC is responsible for distributing the electricity produced by the power plant to its consumers through its 14-kilometer line under a Qualified Third-Party Subsidy and Service Agreement with the National Power Corp. and the Department of Energy.

Vivant’s subsidiary, Vivant Energy Corp. (VEC), and Gigawatt Power Inc. (GPI) had announced that it will start next year the construction of two power projects in Pampanga and Palawan worth almost P2 billion.

GPI President Walden Tantuico said construction of the 3 x 5.76-megawatt (MW) diesel-fueled power plant in Porac, Pampanga is scheduled to commence in the first half of next year while the hybrid plants in Culion and Linapacan Islands will begin sometime during the first quarter of 2022.

“For the Pelco 2 project, I think construction will already be starting soon, first half of 2022. The same goes for Culion and Linapacan projects as well, within the first quarter of next year. Those two are in the immediate pipeline,” said Tantuico.

VEC and GPI each own 50-percent equity in the power plant project. Once operational, the power plant will supply 15MW to PELCO 2 for 15 years. VEC and GPI earlier won the bidding for PELCO II’s power supply contract.

VEC Executive Vice President and Chief Operating Officer Emil Andre Garcia said the project cost is “around P800 million for Culion and PELCO should be around P1.1 billion.” The P800-million power project will also have a battery component of 2.3MWh. For the solar and diesel components, the capacity is close to 3 MW for both diesel and solar.