Vivant Corp. subsidiary Vivant Hydrocore Holdings Inc. (VHHI) has opted out of its joint venture with Israeli company WaterMatic International Ltd.
The company said in a statement over the weekend the end of partnership took effect last Friday, October 11.
VHHI said the exit enables the company to strategically focus on further intensifying its growth initiatives across other segments of the water infrastructure sector.
In 2019, VHHI signed an agreement with WaterMatic International to establish Watermatic Philippines Inc. which is engaged in the design, supply, installation, commissioning, operation and maintenance of water treatment and wastewater treatment plants.
Watermatic Philippines is building VHHI’s 20 million liter per day seawater desalination plant in the municipality of Cordova, Cebu.
Vivant said the exit from the JV will not have any impact on the desalination plant completion by Watermatic Philippines as it is covered by a separate contract.
The desalination plant is expected to be completed before the end of the year and set to be the country’s first utility scale seawater desalination facility in the Philippines.
Once completed, the facility will benefit around 20,000 households in Metro Cebu with a sustainable, climate-resilient source of water.
Apart from water supply, Vivant is also involved in the power business and currently has a total capacity of around 382 megawatts and is considered as the among the largest power providers in off-grid areas.
