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Manila Bulletin devider Business devider Vivant Energy secures P2.7 B boost from Metrobank

Vivant Energy secures P2.7 B boost from Metrobank

Published Dec 13, 2023 06:47 am

At A Glance

  • Vivant Energy Corp., a wholly-owned subsidiary of Vivant Corp., signed a loan agreement with the Metropolitan Bank and Trust Co. (MetroBank) to fund power projects and other expenditures.<br>The loan agreement with Metrobank is for up to P3.5 billion.<br>The funds from the loan will be used to partially finance the energy unit's investments in power generation projects and other capital expenditure requirements.<br>Earlier, Vivant Energy also entered into a five-year term loan facility agreement with BDO Unibank Inc. for up to P3.5 billion.<br>The company said it would use the funds from the BDO loan to partially finance power generation projects.

Vivant Energy Corp., a wholly-owned subsidiary of Vivant Corp., has sealed a loan agreement with the Metropolitan Bank and Trust Co. (Metrobank) to obtain funding for power projects and other expenses.

In a disclosure to the Philippine Stock Exchange on Wednesday, Dec. 13, the Cebu-based company announced the signing of a five-year term loan facility agreement with Metrobank for a maximum of P2.75 billion.

Vivant said the funds from the loan will be used to partially support its energy unit's investments in power generation projects and other capital expenditure requirements.

Last Dec. 8, Vivant reported its five-year term loan facility agreement with BDO Unibank Inc. for up to P3.5 billion to partially finance power generation projects.

In June, Vivant said it will actively participate in the transformation of the energy sector and to drive the growth and enhancement of power services in the country.

According to Emil Andre Garcia, Vivant president, said the company is focusing on leveraging wind and solar technologies to help surpass its renewable energy (RE) targets.

Vivant recently acquired the San Ildefonso Alternative Energy Corp., which is set to develop a 22-megawatt solar power plant in Bulacan province.

Additionally, another wholly-owned subsidiary, COREnergy, is working to expand its rooftop solar business from two megawatts to six megawatts. 

The company aims to increase its solar rooftop generation capacity by 18 megawatts by the end of the year.

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