Listed Vivant Corp. said Wednesday its subsidiary acquired a 22-megawatt solar power plant and its ancillary facilities in San Ildefonso, Bulacan for $15.5 million.
Vivant Energy Corp. acquired San Ildefonso Alternative Energy Corp., the company developing the solar power plant.
VEC and SIAEC signed an asset sale and purchase agreement and a deed of absolute sale with Cleantech Global Renewables Inc. to acquire the said assets.
“Our investment in SIAEC is in line with our goal to increase our renewable energy portfolio to 30 percent by 2030,” said Vivant president Emil Andre Garcia.
“We will continue to look for opportunities, not just in solar but also in other technologies as part of our thrust to support countrywide development and improve everyday living in our communities,” Garcia said.
The SIAEC project is designed to generate about 30 gigawatt-hours annually, which avoids 18,000 tons of carbon dioxide from being emitted annually. The solar project sits on a 24.5-hectare site.
“The asset was developed by Cleantech to be part of its power generation portfolio. Vivant’s subsidiaries intend to use the assets as a merchant power plant once testing and commissioning is done,” Vivant said in a disclosure to the stock exchange.
The transaction is a strategic investment to increase Vivant’s footprint in the renewable energy industry.
Vivant is a listed holding and management company focusing on infrastructure development.
VEC holds Vivant’s investments in energy generation, retail electricity supply and energy-related engineering solutions.