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Manila Bulletin devider Business devider Vivant Energy buying solar project for P283 M

Vivant Energy buying solar project for P283 M

Published Jan 5, 2023 03:45 pm

Infrastructure builder Vivant Corporation reported that its subsidiary is investing an initial P283 million to acquire a project company that will own and operate a solar power plant facility in Bulacan.

In a disclosure to the Philippine Stock Exchange, the firm said it was given notice by wholly-owned subsidiary Vivant Energy Corporation which has signed a Share Sale and Purchase Agreement with Cleantech Global Renewables Inc.

Vivant Energy is buying from Cleantech 1.25 million shares of San Ildefonso Alternative Energy Corp. (SIAEC) the project company developing a solar plant with a target capacity of 22 MWp in San Ildefonso, Bulacan.

In addition, Vivant Energy also signed a Subscription Agreement for the 3.75 million unissued shares of SIAEC. TFC Capital (Philippines), Inc. served as the transaction adviser of Cleantech.

Vivant is spending an initial $5 million for the acquisition of shares of Cleantech. The exact price per share will depend on the yearend financial results of Cleantech, which is still in process.

It is also investing P3.75 million for the subscription in SIAEC at P1.00 par value per share. The transaction was approved by the Board of Vivant Energy on December 22, 2022.

The amount of the consideration was negotiated between the parties, but the exact price per share for the shares of Cleatech is yet to be determined, based on the yearend financial results.

Vivant said $5 million and P3.75 million respectively, have already been paid, without the final price per share for Cleantech shares pending yearend results.

“The transaction is a strategic investment to increase Vivant’s footprint in the renewable energy industry. Vivant Energy, is a wholly-owned subsidiary of Vivant Corporation, holding the latter’s renewable energy investment portfolio,” the holding company said.

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