Vivant Energy, a wholly-owned subsidiary of publicly-listed Vivant Corp., said Friday it is set to acquire the shares of partner Gigawatt Power Inc. in companies that own power plants primarily in off-grid areas.
GPI owns 50 percent of Delta P Inc., Calamian Islands Power Corp., La Pampanga Energy Corp. and Culna Renewable Energy Corp as well as 35 percent of Isla Norte Power Corp.
Vivant said in a statement the acquisition expands Vivant Energy’s investment in Small Power Utilities Group areas to 63.3 megawatts in attributable installed capacity from 35.2MW.
“One of our goals is to be the market leader in SPUG. But, over and above achieving that goal, this acquisition ties in with our environment, social and governance commitments – underserved or off-grid areas such as Coron, Bantayan and Puerto Princesa need stable and reliable power to drive local business growth,” said Vivant Energy chief executive Arlo Sarmiento.
“We see ourselves as a strategic sustainability partner fueling our host communities’ social and economic development especially in areas like tourism, education, and eventually, being instrumental in opening the door of opportunities for more industries,” said Sarmiento.
Delta P owns a 31.1-MW bunker-fired power plant in Puerto Princesa City, Palawan while CIPC owns a 7.35-MW bunker-fired power plant in Coron and a 0.91-MW diesel power plant in Busuanga.
Isla Norte operates a 23.3-MW diesel power plant in Bantayan Island, Cebu. LPEC will develop a 16.4-MW power plant in Porac, Pampanga, while CREC will develop a hybrid power plant combining solar, battery and diesel in the islands of Culion and Linapacan in Palawan.
“This investment is aligned with our goal to strengthen our contribution to energy security. We will continue to look for opportunities to support sustainable development, especially in off-grid areas and communities where having reliable and stable power is crucial to social and economic development,” said Vivant Energy president and chief operating officer Emil Andre Garcia.
Garcia said he is confident that the current team will continue to strengthen the group’s commitment to excellence and quality service to the community.
Vivant Energy holds parent firm Vivant’s investments in energy generation, retail electricity supply and energy-related engineering solutions in Luzon, the Visayas and Mindanao. Vivant is a publicly-listed holding and management company with interests in infrastructure development.