VIVANT Corp. on Wednesday announced that its unit Vivant Energy Corp. had acquired wind project developer Samar Philippines Renewable Corp. (SPRC) from Envision Energy Philippines Corp. as it continues to expand its renewable energy portfolio.
The company did not disclose pricing or terms, only saying that the value of the acquisition was less than 10 percent of its total assets and total shareholder's equity. It also said that the acquisition would not materially impact Vivant's financial, economical, or business situation.
SPRC is developing a 200-megawatt (MW) wind farm covering the municipalities of Lavezares, Allen, Victoria, and Rosario in Catarman, Northern Samar. The facility is targeted for completion and grid integration by the end of 2028.
The project is expected to generate around 695 gigawatt-hours of clean energy annually, sufficient to power more than 190,000 households, and offset roughly 487,000 metric tons of carbon dioxide emissions each year.
Envision Energy supported the Lavezares project by providing expertise on advanced turbine technology, engineering know-how and comprehensive development support.
Vivant’s share price fell by 10 centavos to close at P20.75 each on Wednesday.
