Power Firm Vivant Eyes US$40 Million Additional Investments

PHILIPPINES – Cebu-based listed energy firm Vivant Corporation is eyeing to invest P2 billion (US$40 million) more for this year and next to further expand its power generation portfolio in the Philippines.

The planned capital expenditure for 2017 and 2018 is on top of the P4.9 billion that the company spent last year for expansion and additional projects.

During the company’s annual stockholders’ meeting in Cebu City, Vivant Corporation executive vice president and chief operating officer Arlo G. Sarmiento revealed that the company recorded a 23 percent growth in 2016.

The power generation business bolstered the company’s earning last year, accounting for P984 million, up 36 percent year on year. The distribution business shored in stable earnings of P689 million.

For this year, however, Vivant Corporation maintains a conservative growth outlook despite the rising demand for power in the country.

Sarmiento said the company will continue to explore opportunities that would expand and strengthen its core businesses in power generation and electricity distribution.
He also revealed that the company’s board has mandated officials to maintain at least 10 percent of Vivant’s total portfolio to renewable.

“We currently exceed that percentage but the challenge is how to keep that 10 percent moving forward,” Sarmiento said.

Among the challenges in its renewable portfolio is the limited subsidies offered by government for renewable investments. However, Sarmiento said Vivant will continue to keep the 10 percent allocation as mandated. Vivant is looking at solar and run-off-river hydroelectricity projects.

He further reported that Vivant has invested in projects that involve the construction of power generation plants and will bring total capacity to 400 megawatts in 2018. This adds 147 MW to its total attributable generation capacity, translating to a 58 percent expansion from end-2016 level of 253 MW.

Among the projects are Minergy Power Corporation’s 165 MW coal-fired power generation facility in Misamis Oriental, which is expected to be completed in the second of this year, and the construction of a 30 MW diesel-fired power generation plant that is being undertaken by 50-percent owned Delta P Inc.

In Cebu, Vivant has invested in Therma Visayas Inc, which is constructing a 330 MW coal-fired power generation facility in Toledo City. Vivant’s equity investment in this project should total to P2.2 billion.

Sarmiento concluded that the company will continue to explore opportunities that would lead to expanding and strengthening its core businesses in power generation and electricity distribution while keeping abreast with the changing landscape of the Philippine power industry.

Source: Business News Asia

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