Vivant Energy expands RE portfolio with Buskowitz
Vivant Energy Corp. is widening its renewable energy (RE) footprint with a strategic investment in one of the country’s major players in rooftop solar development, its parent firm Vivant Corp. said on Thursday.
Vivant Energy, through its unit Vivant Renewable Energy Corp. (VREC), will acquire 34.85 percent of the total equity in Buskowitz Energy.
This transaction is subject to certain conditions in the shareholders’ agreement signed on Wednesday by VREC, which holds its RE investment portfolio.
VREC will invest up to P364 million through an initial subscription in Buskowitz Energy that will be completed through a series of infusions via deposits for future subscription of shares, pursuant to an increase in the authorized capital stock of the latter.
“We give high importance to both supply security and sustainability in our investments. We study renewables, as well as technologies that combine both conventional and renewable.
In our projects in SPUG (small power utilities group) areas, we find hybrid technologies to be highly viable,” Emil Andre Garcia, VREC president and chief executive officer, said in a joint statement on Thursday.
Buskowitz Energy Chief Executive Officer James Buskowitz said the series of investments would enable his company to continue innovating and making a positive impact on the country’s development.
“At the end of the day, the benefits of harnessing the power of the sun goes beyond lowering costs. Sustainability is the true bottom line and sustainable development is the common future, where the needs of this generation must be met without compromising the needs and growth of future generations,” Buskowitz said.
“As a group, Vivant’s goal is to provide adaptable and forward-looking solutions that address sustainability while improving everyday living of our communities. These solutions include renewable energy, which is why we are committed to expanding our renewable energy capacity,” Vivant Energy President Arlo Sarmiento said.
Both companies are hoping to energize more communities with renewables, offer sustainable solutions, and create a low-carbon future for the Philippines.
The first partnership between Buskowitz Energy and Vivant Energy dates back to 2019, when the former was commissioned to provide engineering, procurement and construction services for several rooftop solar projects.
To date, the total capacity of solar installations made by Buskowitz with Vivant has reached 2.4 megawatts.
Original article was published on Manila Times