VIVANT Corp. (PSE: VVT) announced last Thursday its wholly-owned subsidiary has secured a debt financing of up to P3.5 billion to finance its power projects.
In a disclosure to the Philippine Stock Exchange, VVT said Vivant Energy Corp. (Vivant Energy) signed a 5-year term loan facility agreement with BDO Unibank Inc. to partially finance Vivant Energy’s investments in power generation projects.
The publicly-listed firm has set aside P21 billion to further grow its renewable energy (RE) portfolio to 30 percent by 2030. This goal is aligned with the environment, social and governance (ESG) framework, VVT said.
“As we look back at the challenges and achievements that propelled us to continue to improve everyday living for the past 20 years, we put environmental, social and governance (ESG) at the forefront of our strategy to achieve long-term sustainable profits,” VVT CEO Arlo A.G. Sarmiento earlier said.
To meet its RE target, VVT recently acquired San Ildefonso Alternative Energy Corp., which will develop a 22-megawatt peak (MWp) solar power plant in Bulacan.
Another fully-owned subsidiary, COREnergy Inc., contributes to the RE target by growing its rooftop solar business from two megawatt (MW) to six MW in 2022. COREnergy, a retail company that offers total energy solutions to commercial and industrial establishments, aims to add 18 MW of solar rooftop generation capacity by the end of the year.
“Vivant Energy is committed to play a meaningful role in energy transformation and to accelerate growth and improvement of power services in the country,” Garcia said, adding that the company is looking at wind and solar technology to contribute to surpassing its RE target.