05:01 AM October 16, 2018
Vivant Corp. has bailed out of its
affiliate Vivant-Sta. Clara Northern Renewables Generation Corp. (VSNRGC),
operator of a hydropower project in Isabela, but said it remained committed to
staying in the power generation business.
Controlled by the Garcia-Escaño
family of Cebu, Vivant has in its portfolio the country’s second-biggest power
distributor Visayas Electric Co., which serves at least 340,000 customers.
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Before selling its 48-percent
interest in VSNRGC, Vivant through Vivant Energy Corp. has a power generation
portfolio with a total attributable capacity of 337 megawatts.
According to Vivant, its minority
stake in VSNRGC was sold to North Renewable Energy Corp., a private company
with no public disclosure obligations.
“Notwithstanding the sale, Vivant
Corporation will continue to develop and explore new opportunities in power
generation,” Vivant said in a statement.
VSNRGC is also the administrator of
the 70-MW Bakun Hydroelectric Power Plant in Alilem, Ilocos Sur.
“Vivant is always looking at
diversifying our portfolio in energy and beyond,” the company added. “We always
have numerous projects in the pipeline and will disclose once they are past
development stages.” —RONNEL W. DOMINGO
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