Vivant Corp. said its power related subsidiary Vivant Energy Corp. has bought all the shares held by its partner, ET Energy Pilipinas Holding Corp. (ETEPHC), in their solar energy ventures.
Vivant Energy executed a deed of sale with assignment of subscription rights with ETEPHC for it to sell the 8,858,484 paid-up preferred shares and to assign its rights over the 9,141,516 subscribed but unpaid preferred shares of ETEPHC in ET-Vivant Solar Corp.
Vivant Renewable Energy Corp. (VREC), another subsidiary of the company, also executed a deed of sale with assignment of subscription rights with ETEPHC for it to sell 984,276 paid-up common shares and assign its rights over the 1,015,724 subscribed but unpaid common shares of ETEPHC in ET-Vivant Solar Corp.
The transactions will effectively grant Vivant Energy and VREC to collectively own 99.99 percent of ET-Vivant Solar Corp. with all the remaining shares held by members of the board of directors.
Mark Habana, Vivant Energy vice president, said the venture involves small rooftop solar projects in Luzon and Visayas with a completed capacity of 1.3 megawatts (MW) and 9 MW more still in development.
“Everybody in the energy business wants to grow their RE portion because Renewable Portfolio Standards, Green Energy Option Program, those rules will be implemented soon.
When that happens, we need that RE in our portfolio,” he said.
Habana added all the paperworks for the deal will be signed before the end of the year but he did not state the amount involved in the transactions.