VIVANT Corp. said on Thursday that a subsidiary of its renewable energy (RE) arm had signed a 20-year power supply agreement with a renewable energy developer whose solar photovoltaic (PV) project is targeted for completion in 2025.
In a stock market disclosure, Vivant said COREnergy, Inc., a unit of Vivant Energy Corp., closed the deal with Samal Solar Renewable Energy Corp. (SSREC), which is developing 52 megawatts of direct current (MWdc) in Brgy. Samal, Bataan province.
“SSREC’s obligations to construct the plant and supply the contracted energy is subject to the condition precedent of a successful financial close to secure debt financing for the project,” the company said.
Vivant said that the solar PV power facility is set to be completed within the second quarter of 2025.
The company earlier announced that Vivant Energy had entered into a joint venture with Aboitiz Power Corp. unit Aboitiz Renewables, Inc. and Singapore-based firm Vena Energy to put up a 206-megawatt wind power project in San Isidro, Northern Samar.
The wind power project is targeted to reach financial closing before the fourth quarter and start the construction by November.
The joint venture, called Lihangin Wind Energy Corp., is expected to start the power source’s commercial operations by the first quarter of 2025.
Vivant Energy holds the energy investment portfolio of Cebu-based listed firm Vivant. — Sheldeen Joy Talavera