Corenergy Inc., a unit of Cebu-based Vivant Energy Corp., is augmenting its supply capacity through a 20-year power supply agreement or PSA with a renewable energy firm based in Bataan.
Vivant Corp. informed the stock exchange on Thursday that Corenergy signed the power deal with Samal Solar Renewable Energy Corp. or SSREC.
It is a renewable energy developer currently undertaking a 52-megawatt solar PV power project in Barangay Samal, Bataan, Philippines.
In the report, Vivant also clarified that SSREC’s “obligations to construct the plant and supply the contracted energy are subject to the condition precedent of a successful financial close to secure debt financing for the project.”
Set for completion Q2 2025
The solar PV power facility is scheduled to be completed within the second quarter of 2025.
Corenergy is a retail company that offers total energy solutions to commercial and industrial establishments.
For this year, the company targets to add 18MW of solar rooftop generation capacity.
Last year, it contributed to the renewable energy target of the entire Vivant Group by growing its rooftop solar business from 2 MW to 6 MW.
Vivant Energy is in a tripartite venture with Aboitiz Renewables Inc. or ARI, the renewable energy arm of Aboitiz Power Corp., and Singapore-headquartered Vena Energy to develop, build, and operate a 200-megawatt or MW wind project in the Visayas.
The project, dubbed the San Isidro Wind Power Project, will be built in San Isidro, a fourth-class coastal municipality in the Province of Northern Samar.
It will be undertaken by the joint venture company that the parties formed called Lihangin Wind Energy Corp.