COREnergy Inc., a wholly owned subsidiary of Vivant Energy Corporation, has signed a 20-year Power Supply Agreement with Samal Solar Renewable Energy Corporation (SSREC).
In a disclosure to the Philippine Stock Exchange (PSE), Vivant Energy’s parent company Vivant Corporation said SSREC is a renewable energy developer that is in the process of developing a solar PV power project with a total capacity of 52MWdc in Barangay Samal, Bataan, Philippines.
SSREC’s obligations to construct the plant and supply the contracted energy is subject to the condition precedent of a successful financial close to secure debt financing for the project.
The solar PV power facility is scheduled to be completed within the second quarter of 2025.
On Sept. 27, Vivant reported that Vivant Energy and Vena Energy have welcomed Aboitiz Power (AP), through its subsidiary Aboitiz Renewables Inc. (ARI), into a partnership that will develop, construct and operate a 200-megawatt (MW) wind power plant in Samar.
Vivant said the San Isidro Wind Power Project is expected to reach financial close before the fourth quarter of 2023.
Start of construction and commercial operations is targeted in November 2023 and first quarter of 2025, respectively. San Isidro is a fourth-class coastal municipality in the Province of Northern Samar.
“We welcome this opportunity to partner with two leaders in renewable energy development which share our vision of helping the country attain energy security while promoting renewable energy and contributing to countrywide development,” said Vivant Energy President and COO Emil Andre Garcia.
He added that, “we are privileged to have gained the trust of Vena Energy, a leader in RE in the Asia Pacific region. We’re glad that our long-time partnership with AP has become stronger and has expanded to the RE space.
This partnership brings us closer to the goal to expand our RE portfolio to 30 percent by 2030.”
Vivant Energy, Vena Energy and Aboitiz Power signed the joint venture agreement on Sept. 26.
“We are excited to partner with Vena Energy and Vivant Energy so that together, we can contribute to the Philippines’ clean energy aspirations,” said ARI President and COO James Arnold Villaroman.
He noted that, “this undertaking demonstrates ARI’s progress in growing its renewable energy capacity to 4,600 MW, and is another momentous step in realizing our 10-year strategy of achieving a 50:50 balance in our renewable and thermal portfolios.”
“This project is a significant boost in AboitizPower’s wind energy portfolio, contributing to a well- managed and just energy transition. We are eager to complete this project to help address the energy needs of the country,” added AboitizPower President and CEO Emmanuel Rubio.