LISTED holding firm Vivant Corp. said its subsidiary had received the notice of award from the La Union provincial government for the ownership of the 225-megawatt (MW) Bauang diesel power plant.
In a disclosure, Vivant Corp. said its unit 1590 Energy Corp. (EC) submitted the highest bid for the diesel-fed power generator during a public auction, following a post-qualification evaluation.
1590 EC is the current operator of the plant and is majority-owned by Vivant Energy Corp., which is in turn a wholly owned subsidiary of Vivant Corp. It received the notice of award on April 6.
The Bauang plant is a bunker fuel-fired power plant with a generating capacity of 215 MW that was built to help address the Luzon grid’s supply needs. It is being operated by 1590 EC since 2010 under a lease contract with the provincial government.
In a statement, 1590 EC Chairman Emil Andre M. Garcia said the company plans to invest more in the plant to allow it to continue providing stable and reliable power to the grid.
“We welcome this opportunity to solidify our commitment to be a partner in the continued development of both the Province of La Union and the Municipality of Bauang,” he said.
The formal transfer of plant ownership will be concluded when the two parties have jointly executed the deed of transfer and conveyance.
1590 EC President Mark D. Habana said that although diesel-fired plants are reliant on fossil fuel, it provides fast-reacting ancillary power that “supports the expansion of renewable energy in the total energy mix.”
Through its subsidiaries and affiliates, Vivant Corp. has interests in companies engaged in power generation, distribution, and retail electricity supply.
Vivant Energy is the holding firm for the Vivant group’s investment portfolio in power generation and supply assets. — Ram Christian S. Agustin
