CEBU-BASED Vivant Corp. said on Thursday that its unit signed an agreement to acquire the project company that will own and operate the 22-megawatt-peak (MWp) solar power plant facility in Bulacan.
In a stock exchange disclosure, Vivant said its unit, Vivant Energy Corp., signed a share sale and purchase agreement with Cleantech Global Renewables, Inc. to acquire the latter’s 1.25 million common shares in San Ildefonso Alternative Energy Corp.
San Ildefonso Alternative Energy is the project company for the solar plant project.
Vivant said the shares to be acquired from Cleantech were priced at around $5 million but the exact price per share will depend on Cleantech’s financial results for the year.
Meanwhile, Vivant Energy also said it signed a subscription agreement for the 3.75 million unissued shares of San Ildefonso Alternative Energy with a par value of P1 per share.
The transaction was approved by its board on Dec. 22, 2022, parent firm Vivant said.
Vivant, through its subsidiaries, has an ownership interest and is engaged in renewable and non-renewable power generation, electric distribution, and retail electricity supply business. — Ashley Erika O. Jose