The energy subsidiary of Garcia-led Vivant Corporation has cemented the deal on its acquisition of the 22-megawatt peak (MWp) solar farm project in San Ildefonso, Bulacan for a transaction valued at $15.5 million. In a disclosure to the Philippine Stock Exchange (PSE), Vivant indicated that in firming up the asset acquisition, its subsidiary – Vivant Energy Corporation – already signed an asset sale and purchase agreement (ASPA) and a deed of absolute sale with Cleantech Global Renewables Inc., which has been the original parent firm of San Ildefonso Alternative Energy Corp. (SIAEC) as operating entity of the solar plant prior to divestment. As agreed, the purchase price of $15.5 million - which is roughly P853 million at prevailing peso-US dollar exchange rate – had to be paid in cash. Of the total amount, Vivant noted that “$10,928,571.00 was paid for the purchase of the assets,” while the  balance “will be allocated for the payment of other development fees and related expenses.” The Garcia-led company expounded that “the purchase price is a negotiated price between the parties based on the value of the assets and the expected benefits to be derived from the assets from its energy sales.” In particular, the terms of payment had been done through the “release of escrow funds upon execution of the deed of absolute sale and completion of all conditions precedent.” Vivant Corporation President Emil Andre M. Garcia said “our investment in SIAEC is in line with our goal to increase our renewable energy portfolio to 30-percent by 2030.” Beyond this buildup on the firm’s RE development platform, he stated that “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.” The San Ildefonso solar farm, which is sited in a 24.5-hectare property, generates approximately 30-gigawatt hours of electricity on a yearly basis. And for being in the clean technology genre, the facility yields about 18,000 tons of avoided carbon dioxide (CO2) emissions annually. The solar project acquisition was approved by the board of directors of Vivant Energy on December 22 last year; and that paved the way for the parties to advance on the negotiations toward finalizing the deal. “The transaction is a strategic investment to increase Vivant’s footprint in the renewable energy industry,” Vivant Energy stressed. It emphasized that the signing of the definitive agreements relating to the asset purchase had been executed “upon fulfillment of all conditions precedent (to closing) applicable to the transaction,” and so far, it was specified that these have been complied with as prescribed under the ASPA – such as the submission of additional documents as required by the parties. Vivant has been accelerating its investments in the renewable energy space – and it has been strategically pursuing these via the rollout of new builds, as well as pursuing brownfield opportunities, including the acquisition of existing projects.