Vivant unit earmarks P21B to develop renewables
CEBU-BASED Vivant Corp. said its subsidiary Vivant Energy Corp. is setting aside about P21 billion to increase its renewable energy (RE) generation by 2030.
“Vivant Energy is committed to play a meaningful role in energy transformation and to accelerate growth and improvement of power services in the country,” Emil Andre M. Garcia, president of Vivant, said in a media release on Thursday.
The company said its allocation for renewable energy projects makes up more than 75% of its total capital expenditure up to 2030.
Arlo A.G. Sarmiento, chief executive officer of Vivant, said the company has also committed to increasing the share of renewable energy in the company’s power generation portfolio to 30% by 2030.
He said this ambition is in line with the company’s goal to “further strengthen its initiatives under the environment, social and governance (ESG) framework to ensure the sustainability of its business endeavors and its communities.”
According to the company’s website, the company is targeting a generating capacity of 500 megawatts (MW) by 2023, of which 20% are from renewable energy sources. The company said it is also targeting 1,000 MW or 1 gigawatt (GW) with at least 30% RE generation by 2030.
The latest available data from the company’s website provides that as of end-2021 it had a capacity of about 382 MW from fossil fuel-based power plants.
Mr. Sarmiento said the company’s recent acquisition of San Ildefonso Alternative Energy Corp. will also contribute to the company’s RE growth ambition.
San Ildefonso Alternative Energy will develop a 22-megawatt-peak solar power plant in Bulacan.
Vivant also said COREnergy Inc., the company’s wholly owned subsidiary, is targeting to add about 18 MW of solar rooftop generation capacity by the end of 2023.
It said COREnergy was initially growing its rooftop solar business to 6 MW by 2022 from 2 MW previously.
Meanwhile, Vivant Infracore Holdings Inc., said it is allocating P16 billion for water resource utilization and wastewater engineering in the next five years.
It said that such opportunities will help address water supply shortages and the threat of untreated wastewater in several areas of the country.
“Our success in this sector will allow us to meet the Group’s sustainability objectives and meaningfully support efforts to improve the lives of our fellow Filipinos,” said Jess Anthony N. Garcia, president and chief executive officer of Vivant Infracore.
“With the help of all our stakeholders, we can drive meaningful change and create a future where access to clean water, improved sanitation, and environmental sustainability is a reality for all,” he added. — Ashley Erika O. Jose
