Vivant Energy Corp., a wholly-owned subsidiary of Vivant Corp., said Wednesday it signed a five-year term loan facility with Metropolitan Bank and Trust Company for P2.75 billion.
Vivant said in a disclosure to the Philippine Stock Exchange Vivant Energy would use the loan to partially finance investments in power generation projects and other capital expenditure requirements.
Vivant Energy also signed a five-year term loan facility with BDO Unibank Inc. for up to P3.5 billion last week to fund its power projects.
Vivant announced in June that Vivant Energy was committed to playing a meaningful role in energy transformation and accelerating growth and improvement of power services in the country.
Vivant president Emil Andre Garcia said the company was looking at wind and solar technologies to contribute to surpassing the company’s renewable energy (RE) targets.
Garcia cited Vivant’s recent acquisition of San Ildefonso Alternative Energy Corp. which would develop a 22-megawatt solar power plant in Bulacan province.
Another fully-owned subsidiary, COREnergy, contributes to the RE target by growing its rooftop solar business.
COREnergy, a retail company that offers total energy solutions to commercial and industrial establishments, aims to add 18 MW of solar rooftop generation capacity in 2023.
Vivant Energy’s acquisition of the shareholding of Gigawatt Power Inc. in several power generation facilities also supports the group’s commitment to contributing to the social and economic development in the countryside by providing stable and reliable power primarily in SPUG or off-grid areas.
Vivant Energy has full ownership of Isla Mactan Power Corp. which operates the 23.3-MW diesel power plant that provides stable and reliable power in Bantayan Island, Cebu.