Cebu firm partners with Russian group

A Cebu-based power company has recently entered into a contract with a Russian energy company to explore new technologies that will provide a stable power and maintain a cost-efficient and affordable energy cost in the Visayas and in the entire country.

Vivant Corporation, a Cebu-based power generation, power distribution and retail electricity supply business firm, has entered into a Memorandum of Understanding and Cooperation with INTER RAO-Export LLC, a subsidiary of Russia's leading and biggest energy holding INTER RAO Group.

Presidential Assistant for the Visayas Michael Lloyd Dino, who facilitated the partnership, said that this is where Russia's leading and biggest energy holding company will start exploring business opportunities with a key local energy player in the Philippines such as the Vivant Corp.

"Energy is an important aspect in the development of our economy, and I strongly encourage foreign investors to come into our country to be a partner of the development especially in the power sector," said Dino, in a statement.

The said partnership will also be the beginning of a bilateral cooperation in the field of energy in Visayas.

Inter RAO-Export LLC is a field-specific company within Inter RAO Group, established in 2011, aiming in the development of international business in power equipment supply and engineering, including construction, reconstruction, repair and maintenance of power facilities.

Dino said that during their visit with President Duterte in Russia last month, he made sure to get the best opportunities for the Visayas.

He added that this is very timely knowing that, based on the data of Department of Energy, the Philippines needs an additional 44,765 megawatts of power from 2017 to 2040.

The said move is in line with the Philippines maturity into a market-driven industry which is the goal of the energy department.