VIVANT Corp. said on Monday that its energy unit had informed the listed company of the sale of its stake in a hybrid power generation plant in Puerto Princesa City for about P33.23 million.
In a disclosure to the exchange on Monday, Vivant said its wholly owned subsidiary Vivant Energy Corp. and the latter’s unit Vivant Renewable Energy Corp. are selling a 30% ownership interest in Sabang Renewable Energy Corp. (SREC).
The stake is equivalent to 11,250 common shares and 33,750 preferred shares for a total consideration of P33,225,512.50.
SREC is a consortium of Vivant Energy, Gigawatt Power, Inc. and WEnergy Global. It owns and operates a hybrid power plant combining solar panels, batteries, and diesel engines, and an electricity distribution system in Brgy. Cabayugan, Puerto Princesa City on Palawan island.
It distributes 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.
In its quarterly financial report, Vivant reported a 27.3% gain in its third-quarter net income attributable to P541 million from P425.10 million in the same quarter last year.
In February, Vivant announced that it would invest around P433.83 million by acquiring equity shares in Bukidnon Power Corp. and North Bukidnon Power Corp. in line with its plan to expand in Mindanao.
Vivant said that it would buy the shares in the companies at around P205.54 million and P228.28 million, respectively. — Marielle C. Lucenio