Vivant Corp. said Tuesday its wholly-owned-subsidiary Vivant Renewable Energy Corp. complied with the post-closing requirements for the sale of its equity stake in Buskowitz Energy Inc. (BEI) to Aurora Sustainable Energy Pte. Ltd.
Vivant announced in September last year that VREC would divest its equity stake in BEI subject to certain conditions to focus on its retail energy supply and the Small Power Utilities Group (SPUG) business.
“The parties will be executing the final transaction documents upon completion of the conditions in the assignment agreement,” the company said in a disclosure.
It said that with post-completion of the transaction documents, VREC would no longer hold shares in BEI.
VREC will divest 560,000 common B shares in BEI equivalent to 32.26-percent shares. VREC acquired its stake in BEI in 2021.
VREC is a wholly owned subsidiary of Vivant Energy Corp. (Vivant Energy), the holding company for the energy-related investments of publicly listed conglomerate Vivant.
“The divestment is part of VEC’s efforts to focus its investments on its core competencies, particularly in its retail energy supply [RES] and Small Power Utilities Group businesses,” said VREC president and chief executive Mark Habana earlier.
The transfer will be implemented through the acquisition by Aurora Sustainable Energy, a private limited company incorporated in Singapore, of outstanding common B shares, through the assignment by BEI of its right to purchase VREC’s shares under the shareholders’ agreement.
BEI is a solar development, engineering, procurement and construction company and offers solar power purchase agreements (PPAs), leases and solar loans for companies and individuals to help them switch to renewable energy solutions.
“This decision is rooted in mutual respect and a shared vision for a sustainable future. We value our past collaboration and look forward to pursuing our respective growth strategies.” BEI president James Buskowitz said.