dbx 777 Vivant unit divests 32% stake in solar energy company
Photo from Vivant Energy Corp/Website
The renewables arm of Cebu-based Vivant Energy Corp. (VEC) has decided to unload its stake in solar company Buskowitz Energy, Inc.
Vivant Corp., an energy and water company, told the local bourse on Thursday that Vivant Renewable Energy Corp. (VREC) would divest its entire 32.26-percent stake as it seeks to boost its other business operations.
Article continues after this advertisementThe company did not disclose the value of the transaction, noting only it was “less than 10 percent of Vivant’s total assets.”
FEATURED STORIES BUSINESS National ID gives more Filipinos ‘face value BUSINESS BIZ BUZZ: Unwinding Gogoro … quietly BUSINESS Polvoron maker seeks P500 million capital for expansion“The divestment is part of VEC’s efforts to focus its investments on its core competencies, particularly in its retail energy supply and small power utilities group (SPUG) businesses,” said Mark Habana, president and chief executive of VREC.
READ: Vivant group rang up 43% surge in 2023 bottom line
Article continues after this advertisementSPUG, operated by the National Power Corp., provides electricity to areas not linked to the transmission grid.
Article continues after this advertisementJames Buskowitz, president and CEO of Buskowitz Energy, said VEC’s decision was “rooted in mutual respect and a shared vision for a sustainable future.”
Article continues after this advertisementBuskowitz Energy is focused on solar development, engineering, procurement and construction. It also offers leases and solar loans for firms and individuals to help their shift to clean power.
Vivant said it would not be severing its ties with Buskowitz Energy as it remained a potential partner in pursuing solar projects.
Article continues after this advertisementVEC, it said, was on course with its 70-percent conventional and 30-percent renewable target capacity by 2030.
In June, Vivant had said it was eyeing to invest P15 billion in clean energy projects until 2030. INQ
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