September 20, 2024 | 12:00am
MANILA, Philippines — Vivant Energy Corp. is unloading its entire equity interest in solar developer Buskowitz Energy Inc. (BEI) to focus on its key expertise.
The company, through Vivant Renewable Energy Corp. (VREC), would sell its 32.26-percent stake in BEI, equivalent to 560,000 Common B shares, to Singapore-based Aurora Sustainable Energy Pte. Ltd.
Under the deal, the transfer would be implemented through the assignment by BEI of its right to purchase VREC’s shares under a shareholders’ agreement.
“The divestment is part of (Vivant Energy’s) efforts to focus its investments on its core competencies, particularly in its retail energy supply and small power utilities group businesses,” VREC president and CEO Mark Habana said.
VREC will no longer own shares in BEI following the divestment, which was approved by Vivant Energy’s board of directors earlier this month.
“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,” BEI president and CEO James Buskowitz said.
Despite the divestment, Vivant Energy said BEI would remain a potential partner for solar engineering, procurement and construction projects.
At present, Vivant Energy is on track with its plan to achieve a mix target of 70-percent conventional and 30-percent renewable energy (RE) capacity by 2030.
The company is seeing its total equity investment requirement reach P22 billion over the next six years, in line with efforts to boost the country’s energy transition.
Of these investments, about P15 billion would be allocated for various green energy projects.
Under the Philippine Energy Plan, the country wants to increase the share of RE in the power generation mix to 35 percent by 2030 and 50 percent by 2040.
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