A UNIT of Vivant Corp. is infusing up to P364 million in Buskowitz Finance, Inc. (BFI) to give it a 34.85% equity share in the solar energy developer and expand its renewable energy portfolio, the Cebu-based listed firm said on Thursday.
In a stock exchange disclosure, Vivant said that its wholly owned subsidiary Vivant Energy Corp.’s renewable energy (RE) unit had inked the shareholders’ agreement with BFI on Wednesday.
“VREC (Vivant Renewable Energy Corp.) will be investing up to P364 million through an initial subscription in BFI, which will be completed through a series of infusions via deposits for future subscription of shares pursuant to an increase in the authorized capital stock of BFI,” the parent firm said.
VREC is wholly owned by Vivant Energy, the holding company for the energy investments of Vivant Corp.
BFI, also known as Buskowitz Energy, is a solar engineering, procurement and construction company that also provides financing solutions for its customers. It specializes in rooftop solar photovoltaic installations.
The Vivant parent firm said in a press release that the equity investment is part of its “commitment to expand its RE portfolio.”
“As a group, Vivant’s goal is to provide adaptable and forward-looking solutions that address sustainability while improving everyday living of our communities. These solutions include renewable energy, which is why we are committed to expanding our renewable energy capacity,” Vivant Energy President Arlo A.G. Sarmiento said in a statement.
BFI Chief Executive Officer James Carlos Buskowitz said that VREC’s series of investments would help the solar energy firm in continuing innovations and making a positive impact.
“At the end of the day, the benefits of harnessing the power of the sun goes beyond lowering costs. Sustainability is the true bottom line and sustainable development is the common future, where the needs of this generation must be met without compromising the needs and growth of future generations,” Mr. Buskowitz said.
Earlier, BFI said that it was looking at raising around P1 billion for its solar rooftop projects, about 40% of which would be funded by a local firm.
Two years ago, BFI and Vivant collaborated on their first project when the former provided engineering, procurement, and construction services for several rooftop solar projects. At present, the two firms have reached a solar installation capacity of 2.4 megawatts.
Vivant shares in the stock exchange improved 3.31% or 0.48 centavos to close at P14.98 apiece on Thursday. — Angelica Y. Yang