Vivant Energy Corp., the energy arm of listed Vivant Corp., said electricity consumers in Bukidnon can expect improved service and reliability with its investments in Bukidnon Power Corp. and North Bukidnon Power Corp.
Vivant Energy and fully-owned subsidiary Amberdust Holding Corp. acquired BPC and NBPC through share sale and purchase agreements signed in February. The transactions were valued P434 million.
BPC and NBPC are owned by Senator Juan Miguel Zubiri, who developed the power generation facilities between 2015 and 2018 to address the power supply shortage in Mindanao at that time.
“We brought in experts in energy with decades of experience and knowledge in the power value chain. We’re confident that with Vivant at the helm, BPC and NBPC will provide the reliability and quality of service that the region needs as we prepare ourselves for economic recovery,” Zubiri said in a statement.
The Vivant investment helps expand the group’s investment portfolio in Mindanao.
“Our investment in BPC and NBPC is our contribution to the government’s efforts to achieve energy security in Mindanao, an area that is vital to the country’s economic recovery with its largely untapped potential,” said Vivant chairman and chief executive Ramontito Garcia.
NBPC supplies five megawatts of the peaking power requirement in the franchise area of Bukidnon Second Electric Cooperative Inc. through its bunker-diesel power plant in Lantapan.
BPC owns the two bunker-diesel power plants that are both contracted to supply the energy requirements of First Bukidnon Electric Cooperative Inc.
Vivant’s first venture in the region was through its equity investment in Minergy Power Corp.
Vivant also has various investments in retail electricity and power generation assets in the Luzon and the Visayas grids. It is also a major player in the Small Power Utilities Group sector.
Vivant maintains equity ownership of Visayan Electric Co., the second largest power distribution utility in the country.
Garcia thanked Zubiri for providing the Vivant Group the opportunity to become part of the development of Bukidnon.
“At Vivant, our vision is to bring excellence to industries that improve everyday living, so to have this opportunity to bring reliable energy to Bukidnon, feels like a chance to give back,” Garcia said.
“We look forward to nurturing existing relationships in Bukidnon while creating new partnerships with stakeholders of BPC and NBPC,” he said.
The parties announced in March the purchase of 90 percent of the shares in BPC for P205.539 million and the purchase for 90 percent of the shares in NBPC for P228.282 million. Of the said shares, Vivant will hold 90 percent while AHC will have 10 percent.
Vivant Energy said the investments aim to further ensure stability and reliability of the power supply in Bukidnon province particularly during peak hours.
“We are confident in the recovery and growth of the Philippine economy, and we believe that Mindanao will play a more significant role in it. That growth will require a stable and reliable power supply, which we are committed to provide,” Garcia said earlier.
Zubiri said the acquisition and the subsequent partnership with Vivant Energy would greatly boost the efficiency of energy production for our province and the region.
Vivant Energy also took steps in finding brownfield and greenfield renewable projects and technologies that combine both renewable and conventional energy.