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Vivant's VREC divests from Buskowitz Energy, ending solar partnership

Business | The Stock Market

Vivant's VREC divests from Buskowitz Energy, ending solar partnership

By Gabriell Christel Galang

Vivant Renewable Energy Corporation (VREC), a subsidiary of Vivant Corporation, has divested its stake in local solar power provider Buskowitz Energy Inc. (BEI).

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, Jan. 28, VREC announced the completion of post-closing requirements after finalizing transaction documents for the sale. The divestment process began in September 2024.

"Post-completion of the transaction documents, VREC will no longer hold shares in BEI," the company stated. The reason for the divestment was not disclosed.

Per a previous agreement approved by Vivant's board of directors, VREC divested 560,000 common B shares in BEI. The shares were sold to Singapore-based Aurora Sustainable Energy Pte. Ltd.

In November, BEI announced plans to increase its installed capacity through investments in solar energy projects, following a $100 million (P5.6 billion) deal with PAC Sustainable Infrastructure Fund (A-SIF), a joint venture between PATRIZIA SE and Japan-based Mitsui & Co. Ltd.

VREC previously projected its equity investment growth to reach P22 billion by 2030, driven by expansions in small power utilities groups (SPUG) and other solar power acquisitions, such as the 22-megawatt (MW) San Ildefonso Alternative Energy Corp. (SIAEC) in Bulacan.

Related Tags

Vivant Energy Corporation Buskowitz Energy Inc. Vivant Energy

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