Vivant Energy Corp. said Thursday it acquired the project company that will own and operate a 22-megawatt solar plant in San Ildefonso, Bulacan.
“The transaction is a strategic investment to increase Vivant’s footprint in the renewable energy industry,” Vivant Energy’s parent company Vivant Corp. said in a disclosure to the stock exchange.
The transaction is expected to generate returns for Vivant shareholders, it said.
Vivant Energy signed a share sale and purchase agreement with Cleantech Global Renewables Inc. to acquire its entire interest in San Ildefonso Alternative Energy Corp. The company acquired 1,250,004 common shares of Cleantech in SIAEC, the project company for the solar plant project.
Vivant Energy paid $5 million for Cleantech’s shares and P3.749 million for SIAEC’s 3,749,996 unissued common shares at P1 par value per share.
