CALAMIAN ISLANDS Power Corp. (CIPC), a unit of Vivant Energy Corp., is set to proceed with the construction of two power plants in Palawan, both firms’ parent company said in a disclosure yesterday.
Vivant Corp. said that CIPC yesterday broke ground for the 750-kilowatt diesel-fired Busuanga power plant and 8-megawatt (MW) bunker-fired Coron power plant.
“Both plants will provide full service and ancillary power requirements of Busuanga Island Electric Cooperative, Inc. under a bilateral power supply contract for the next 15 years from the plants’ commercial operations,” the disclosure read.
Commercial operations of the Busuanga and Coron plants are expected to start in 2014, it added.
CIPC is company established to engage in the business of owning, acquiring, commissioning, operating, maintaining, evaluating, developing, constructing, holding and selling power generation facilities and related facilities, according to the disclosure.
Vivant Energy, which owns 50% of CIPC, is a wholly owned subsidiary of Vivant Corp.
Vivant is engaged in energy distribution and generation services. It operates Visayan Electric Company, Inc., which provides electricity to Metro Cebu and five other municipalities in Cebu province.
The company is also engaged in the acquisition of power plant facilities, energy development and construction ventures, as well as marketing of hydroelectric power.
In October last year, another unit of Vivant, Vivant-Malogo Hydropower Corp., launched its 6-MW hydroelectric project in Silay, Negros Occidental.
The project is expected to be operational by the last quarter of 2015.
Net income of Vivant Corp. ballooned to P1.767 billion as of end-September last year from P117.580 million in the same nine months in 2011. In the same comparative periods, revenues more than doubled to P2.873 billion from P1.203 billion, while expenses increased by a slower 14.81% to P1.085 billion from P944.667 million.
Its shares were last traded on Tuesday at P9.50 apiece. -- CAMCF
LISTED firm Vivant Corp. on Thursday said its consortium Calamian Islands Power Corp. (CIPC) yesterday broke ground for the construction of two power plants in Palawan.
Vivant’s wholly owned subsidiary Vivant Energy Corp. owns 50 percent of CIPC. Gigawatt Power Inc. owns the other half.
A 750-kilowatt diesel will be constructed in Busuanga, while an 8-megawatt bunker-fired power plant will be put up in Coron. The said facilities will supply power to the two towns.
“Both [facilities] will provide the full service and ancillary power requirements of Busuanga Island Electric Cooperative Inc. [Biselco] under a bilateral power-supply contract for the next 15 years from the plants’ commercial operation,” Vivant said. Biselco distributes electricity in the island-group that includes the municipalities of Coron, Busuanga, Culion and Linapacan in northern Palawan.
Biselco earlier signed a 15-year supply agreement with CIPC due to state-owned National Power Corp.’s inability to secure its electricity requirements.
The commercial operation of both power plants is targeted in 2014.
Vivant also has a stake in Cebu Private Power Corp., Cebu Energy Development Corp. and Visayan Electric Co. Inc. in Cebu.