Vivant Corporation, through its subsidiary Vivant Energy Corporation, has acquired the 22-megawatt-peak (MWp) solar farm project in San Ildefonso, Bulacan for $15.5 million.
In a disclosure to the Philippine Stock Exchange, Vivant said that its subsidiary signed an asset and sale purchase agreement (APSA) and deed of absolute sale with Cleantech Global Renewables Inc.
“The transaction is a strategic investment to increase Vivant’s footprint in the renewable energy industry,” Vivant said in a statement.
Cleantech is the original parent firm of the San Ildefonso Alternative Energy Corp. (SIAEC) – the operating entity of the solar plant prior to the divestment.
Of the purchase price of $15.5 million, Vivant said that “$10,928,971 was paid for the purchase of assets,” while the remaining balance “will be allocated for the payment of other development fees and related expenses.”
“The purchase price is a negotiated price between the parties based on the value of the assets and the expected benefits to be derived from the assets from its energy sales,” Vivant said.
In a report by the Manila Bulletin, Vivant Corp. president Emil Andre Garcia said that the investment in SIAEC is in line with their goal to increase their renewable energy portfolio to 30% by 2030.
Garcia said that the company will continue to pursue opportunities in solar and other technologies as part of its thrust to “support countrywide development and improve everyday living in our communities.”
The San Ildefonso solar farm generates around 30 gigawatt-hours of electricity yearly.