Cebu-based Vivant Corporation, through subsidiary 1590 Energy Corporation (1590 EC), will be acquiring the 225-megawatt Bauang Diesel Power Plant (BDPP) in La Union.
In a disclosure to the Philippine Stock Exchange on Thursday, Vivant said that the provincial government of La Union gave the Notice of Award to 1590 EC on Wednesday after being declared as the highest bid during the second round of the public auction sale.
“The sale will be concluded through a Deed of Transfer and Conveyance that will be executed by the Parties to formally transfer the ownership of the BDPP to 1590 EC,” Vivant said in the disclosure.
In a BusinessWorld report, Vivant President and 1590 EC Chairman Emil Andre Garcia said that the company plans to invest more in the plant and allow it to further provide stable and reliable power to the Luzon Grid.
1590 EC has been operating the BDPP since 2010 under a lease contract with the provincial government, which owns the plant. National government-owned Power Sector Assets and Liabilities Management Corporation and National Power Corporation own the land on which the BDPP stands.
The plant was built to help address the power crisis in the 1990s.
