Vivant Energy Corp. will acquire the shares of its joint venture partner in ET-Vivant Solar Corp. in a bid to bring new customer solutions and increase renewable energy portfolio.
Vivant Corp. disclosed to the Philippine Stock Exchange renewable energy unit Vivant Energy signed a deed of sale agreement with ET Energy Pilipinas Holding Corp.
“We took full control of the solar business because we want to provide total energy solutions to businesses that face the everyday challenge of managing their power-related costs,” said Vivant Energy chief operating officer Emil Andre Garcia.
“We are currently working on a new brand that consolidates all of our business to business customer-facing energy solutions, one of which will be rooftop solar,” Garcia said.
Vivant Energy’s move contributes to an expanding renewables portfolio, which includes Sabang Renewable Energy Corp. that operates a hybrid power plant—combining solar panels, battery and diesel engines—and electricity distribution system.
Sabang recently began providing stable, reliable and renewable power in Barangay Cabayugan, Puerto Princesa City as authorized by the Department of Energy and the Energy Regulatory Commission.
“ET Energy Pilipinas was our partner in joint venture to develop rooftop solar projects. We acquired shares of the joint venture company,” said Vivant Energy vice president for commercial affairs and ET-Vivant chief operating officer Mark Habana.
Under the agreement, ETEPHC will sell to Vivant Energy 8,858,484 paid-up preferred shares and assign the rights over the 9,141,516 subscribed but unpaid preferred shares of ETEPHC in ET-Vivant Solar.
