Vivant Energy, a subsidiary of Vivant Corp., plans to buy the shares of Gigawatt Power in a Cebu-based company. This move will enable Vivant Energy to widen its reach in off-grid areas, namely Isla Norte Power Corp., in Cebu. Gigawatt Power owns a 35% interest in Isla Norte. Though no amount for the transaction was disclosed, Vivant Energy’s Emil Andre Garcia stated that it will align with the company’s environment, social and governance targets to augment power supply in underserved regions. With its subsidiary, Vivant Integrated Diesel Corp. (VIDC), the acquisition will see the development and operation of a 23.3-megawatt (MW) bunker-fired power plant in Bantayan Island, Cebu province. In a bid to extend its attributable installed capacity to 63.3 MW from the current 35.2 MW, the company has announced that it will also acquire Gigawatt Power’s shares in Delta P Inc., Calamian Islands Power Corp., La Pampanga Energy Corp., Culna Renewable Energy Corp., and Isla Norte.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
