Vivant Energy Corporation’s (VEC) subsidiary, Vivant Renewable Energy Corporation (VREC), says that it is divesting its 32.26% stake in Buskowitz Energy Inc. (BEI) to prioritize its retail energy supply and Small Power Utilities Group (SPUG) business.
In a report by Manila Standard, VREC president and CEO Mark Habana stated that the divestment is in line with VEC’s strategy to focus investments on core areas.
The Vivant Energy board approved the divestment on September 5, 2024, pending final transaction documentation. VREC will sell 560,000 common B shares, equivalent to a 32.26 percent stake, which it initially acquired in 2021.
The stake transfer will occur through Aurora Sustainable Energy Pte. Ltd., a Singapore-based private company, which will acquire VREC’s outstanding common B shares. The purchase follows BEI’s assignment of its right to buy VREC’s shares under its shareholders’ agreement.
BEI specializes in solar development, engineering, procurement, and construction, offering solar power purchase agreements, leases, and loans to assist companies and individuals in adopting renewable energy solutions.
BEI president James Buskowitz highlighted the companies’ mutual respect and shared commitment to sustainability. Despite the divestment, he said VREC may still partner with VEC on future solar engineering, procurement, and construction (EPC) projects.
