Vivant enters Luzon solar market

MANILA, Philippines — Listed Vivant Corp. has expanded its presence in Luzon with the acquisition of a 40-percent stake in a utility-scale solar farm in Bataan, marking its first operating solar project in the region.

Vivant, through Vivant Energy Corp., spent P395 million to acquire 40 percent of Samal Solar Renewable Energy Corp. (SSREC), securing ownership of the 53.14-megawatt (MW) Samal Solar Power Project.

“The investment builds on Vivant Energy’s renewable energy footprint in Luzon,” the company said.

The solar project, developed by Tigon Power Corp. and operated under SSREC, started commercial operations last month. It delivers 52 MW of clean power to Corenergy, the retail electricity supply arm of Vivant Energy.

“The investment reinforces Vivant Energy’s commitment to the Department of Energy’s call for stronger public-private partnerships that ensure the benefits of the energy transition are realized through local development and capacity building,” the company said.

The acquisition is also aligned with the Vivant Group’s commitment to scaling up its renewable energy portfolio over the next five years.

As the group’s power arm, Vivant Energy is operating across Luzon, Visayas and Mindanao, with investments in distribution, generation, retail electricity and engineering solutions.

The power generation business buoyed Vivant’s first-half performance, with earnings growing by nine percent to P959 million from P877 million a year earlier.

Core income improved by 11 percent to P962 million, while revenues were lower at P5.4 billion on lower energy sales.

“As we enter the second half, we remain excited about the company’s future, while we aim for continued earnings growth,” Vivant CEO Arlo Sarmiento said.