Vivant Energy Corp. and Vivant Renewable Energy Corp., two wholly-owned subsidiaries of listed Vivant Corp., have sold all their shareholdings in Vivant-Sta. Clara Northern Renewables Generation Corp. to Northern Renewable Energy Corp.
Vivant disclosed to the Philippine Stock Exchange on Friday the company would continue to look at opportunities in the power generation sector despite the sale.
VSNRGC is the administrator of the 70-MW Bakun Hydroelectric Power Plant in Alilem, Ilocos Sur. VSNRGC won the right to manage the contract of the Bakun plant in 2010 for $145.47 million.
Vivant owns a 48-percent equity in VSNRGC through VEC and VREC. It did not provide other details of the sale.
“Vivant Corporation will continue to develop and explore new opportunities in power generation, including renewable and conventional technologies that are viable and designed to adapt to the changing needs of energy consumers,” Vivant chief operating officer Arlo Sarmiento said.
Vivant is publicly listed holding and management company with interests in different segments of the power value chain, from generation to distribution, to serve the needs of communities in Luzon, the Visayas and Mindanao.
It is best known for its strategic holding in Visayan Electric Co., the country’s second largest power distribution utility. VECO supplies electricity to a franchise area covering cities and four municipalities in Cebu.