Vivant eyes add’l P3 B equity infusion for expansion

Cebu- based energy firm Vivant is eyeing P3 billion in additional equity investments to finance further expansion of its power generation portfolio.

In a statement following its annual stockholders meeting, the company said as of end2015, its generation capacity has reached 252 megawatts.

The company expects to utilize the P3- billion equity infusion to complete ongoing projects, resulting in a 55 percent expansion in capacity.

Vivant has so far invested over P2.5 billion in two projects involved in the construction of two thermal power generation plants: Minergy Power Corp. (MPC) and Therma Visayas Inc. (TVI). The company owns 40 percent in MPC and 20 percent equity stakes in TVI.

These investments are expected to add 120 MW of attributable capacity to Vivant’s portfolio by 2017.

MPC is constructing a 3 x 55-MW coal-fired power generation facility in Misamis Oriental, which is expected to be completed by end-2017 and provide a new source of power for Mindanao.

Similarly, TVI is building a 300- MW coal- fired power generation facility in Toledo City, Cebu, with the first unit expected to be completed and connected to the grid by end-2017, to be followed by a second unit three months after.

The company also invested P1.6 billion for an expansion project involving an additional 30- MW diesel- fired plant in Puerto Princesa, Palawan. This is targeted for completion by the end of the year.

Vivant said it would continue to be on the lookout for opportunities for acquisitions, green and brownfield initiatives or joint venture projects to expand and strengthen its core businesses of power generation and electricity distribution.

In 2015, the company reported P1.1 billion in net profits, down 22 percent from year-ago levels, owing to soft spot market prices.