Vivant Energy, a wholly owned subsidiary of Cebu-based listed firm Vivant Corporation, will acquire the shares of partner Gigawatt Power Inc. in companies operating and owning power plants in off-grid areas.
In a stock report on Friday, Vivant said the planned buyout will effectively expand Vivant Energy’s investments in Small Power Utilities Group or SPUG to 63.3 megawatts in attributable installed capacity from 35.2 MW.
Gigawatt Power Inc. owns half the shares in Delta P Inc., Calamian Islands Power Corporation, La Pampanga Energy Corporation and Culna Renewable Energy Corporation, as well as 35 percent of Isla Norte Power Corporation.
“One of our goals is to be the market leader in SPUG. But, over and above achieving that goal, this acquisition ties in with our (commitments to provide) stable and reliable power to drive local business growth,” Vivant Energy CEO Arlo A.G. Sarmiento said.
Delta P owns a 31.1-MW bunker-fired power plant in Puerto Princesa City, Palawan. CIPC owns a 7.35-MW bunker-fired power plant in Coron and a 0.91-MW diesel power plant in Busuanga.
Isla Norte operates a 23.3-MW diesel power plant in Bantayan Island, Cebu. LPEC will develop a 16.4-MW power plant in Porac, Pampanga while CREC will develop a hybrid power plant — combining solar, battery and diesel — in the islands of Culion and Linapacan in Palawan.
Vivant Energy has investments in energy generation, retail electricity supply, and energy-related engineering solutions in Luzon, the Visayas and Mindanao.