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Manila Bulletin devider Business devider The Stock Market devider Vivant divests from solar supplier

Vivant divests from solar supplier

Published Sep 19, 2024 03:05 am

Publicly-listed Vivant Corporation reported that Vivant Renewable Energy Corporation (VREC), which it owns through Vivant Energy Corporation (VEC), is divesting its 32.26 percent stake in Buskowitz Energy.

In a disclosure to the Philippine Stock Exchange (PSE), Vivant said Buskowitz Energy is a solar development, engineering, procurement, and construction company. It offers solar PPAs, leases and solar loans for companies and individuals to help them switch to renewable energy solutions.

“The divestment is part of VEC’s efforts to focus its investments on its core competencies, particularly in its retail energy supply (RES) and Small Power Utilities Group (SPUG) businesses,” said VREC President and CEO Mark Habana.

Buskowitz Energy President and CEO James Buskowitz said, “this decision is rooted in mutual respect and a shared vision for a sustainable future. We value our past collaboration and look forward to pursuing our respective growth strategies.”

Despite this transition, Buskowitz remains to be a potential solar engineering, procurement, and construction (EPC) partner of VEC. 

To date, VEC is on track to achieve its 2030 target of a 70-30-30 percent conventional and renewable energy capacity mix.

VREC is a wholly owned subsidiary of VEC, the holding company for the energy-related investments of publicly listed conglomerate Vivant Corporation.
 

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