CEBU-BASED Vivant Corp. said on Friday that two of its subsidiaries sold their shares in a northern Luzon renewable energy company that has an independent power producer (IPP) administrator contract with the government.
In a disclosure to the stock exchange, Vivant said its subsidiaries Vivant Energy Corp. and Vivant Renewable Energy Corp. sold their respective stakes in Vivant-Sta. Clara Northern Renewables Generation Corp.
The stakes, equivalent to 48% of Vivant-Sta. Clara, were sold to Northern Renewable Energy Corp.
“Vivant will continue to develop and explore new opportunities in power generation, including renewable and conventional technologies that are viable and designed to adapt to the changing needs of energy consumers,” said Vivant Chief Operating Officer Arlo A.G. Sarmiento in a statement.
Vivant-Sta. Clara is the administrator of the 70-megawatt (MW) capacity Bakun hydroelectric power plant in Bakun, Alilem, Ilocos Sur.
Shem Jose W. Garcia, Vivant assistant vice-president for corporate communication, said in a text message that the new owner is different from a similar-sounding entity that the company used to own.
“We can disclose that our own partners have also sold their stake so the new owners now own 100% of the project,” he said.
He declined to disclose details of the ownership of Northern Renewable “as it is not our own company or publicly-listed.”
Mr. Garcia described the move to unload the shares as having taken place “in the normal course of business.”
“[A] good offer was presented to us and we said yes,” he said. — Victor V. Saulon