LISTED company Vivant Corp. said on Thursday that its unit in the energy sector had signed a deal to buy out its partner in a joint venture company with projects in solar energy development.
In a disclosure to the stock exchange, Vivant said it was informed by Vivant Energy Corp. of the deed of sale with assignment of subscription rights with ET Energy Pilipinas Holdings Corp.
“We took full control of the solar business because we want to provide total energy solutions to businesses that face the everyday challenge of managing their power-related costs,” said Emil Andre M. Garcia, Vivant Energy chief operating officer, in a statement.
The deal involves the sale of ET Energy’s 8,858,485 paid-up preferred shares and the assignment of its rights over the 9,141,516 subscribed but unpaid preferred shares in the joint venture ET-Vivant Solar Corp.
“We are currently working on a new brand that consolidates all of our business to business customer-facing energy solutions, one of which will be rooftop solar,” Mr. Garcia said.
Vivant Energy said the move contributes to its expanding renewables portfolio, which includes the Sabang Renewable Energy Corp. (SREC) that operates a hybrid power plant that combines solar panels, battery and diesel engines, and electricity distribution system.
The company holds Vivant’s investments in the energy sector, including its shares in power generation and distribution, and the retail electricity business.
SREC recently began providing renewable power in Brgy. Cabayugan, Puerto Princesa City as a qualified third-party authorized by the Department of Energy and the Energy Regulatory Commission.
Mark Habana, Vivant Energy vice-president for commercial affairs, said the move to rebrand the group is aimed at providing one brand for all its related businesses, which includes retail electricity supply.
In its disclosure, Vivant also said that Vivant Renewables Energy Corp. (VREC) had executed a deed of sale with assignment of subscription rights with ET Energy for the latter to sell to VREC the 984,276 paid-up common shares and to assign its rights over the 1,015,724 subscribed but unpaid common shares in ET-Vivant Solar.
“As a result of the transaction, Vivant Energy and VREC will collectively own 99.99% of ET-Vivant Solar,” it said. “The remaining shares are shares held by members of the Board of Directors.” — Victor V. Saulon