CEBU-BASED Vivant Corp. said its unit Vivant Energy Corp. executed a sale and purchase agreement with Cleantech Global Renewables, Inc. for the acquisition of a solar power plant in Bulacan with a target capacity of 22-megawatt peak and ancillary facilities.
In a stock exchange disclosure on Wednesday, Vivant Energy said its recently acquired project company, San Ildefonso Alternative Energy Corp. (SIAEC), had signed the agreement and a deed of absolute sale with Cleantech.
“Our investment in SIAEC is in line with our goal to increase our renewable energy portfolio to 30% by 2030,” Vivant President Emil Andre M. Garcia said in a media release.
Vivant said $10.93 million of the $15.5 million purchase price was already paid. The remaining amount will be allocated for the payment of the development fees and related expenses.
Last month, Vivant announced that its board approved in December 2022 the acquisition of the project company that will own and operate the solar power plant facility in Bulacan.
Vivant Energy said that it signed a share sale and purchase agreement with Cleantech to acquire its 1.25 million shares in SIAEC.
“We will continue to look for opportunities, not just in solar but also in other technologies as part of our thrust to support countrywide development and improve everyday living in our communities,” he added.
The transaction is expected to increase Vivant’s renewable energy capacity.
The SIAEC project is expected to generate about 30 gigawatt-hours per year, which translates to a 18,000-ton carbon dioxide reduction. — Ashley Erika O. Jose