Vivant Group is expanding its renewables portfolio through a P364 million equity investment into one of the country’s major providers of rooftop solar services.
The group on Thursday said its subsidiary Vivant Renewable Energy Corporation (VREC) will acquire a 34.85 percent share from Buskowitz Energy through a series of investments.
Vivant Group said the investment is part of the Vivant Group’s commitment to expanding its renewable energy portfolio.
Buskowitz Energy is a sustainable solutions enterprise specializing in rooftop solar photovoltaic installations.
Meanwhile, VREC is a wholly-owned subsidiary of Vivant Energy Corporation, the holding company for energy-related investments of listed Vivant Corporation.
“We give high importance to both supply security and sustainability in our investments. We study renewables as well as technologies that combine both conventional and renewable. In our projects in SPUG (small power utility group) areas, we find hybrid technologies to be highly viable,” VREC President and CEO Emil Andre M. Garcia said.
According to Buskowitz Energy Chief Executive Officer James Buskowitz, the investment will allow the company to “continue innovating and making a positive impact on the country’s development.”
The VREC-Buskowitz Energy partnership is expected to power more communities with renewable energy, offer sustainable solutions, and create a low-carbon future for the Philippines.
Vivant provides adaptable and forward-looking solutions to various segments of the power value chain including energy generation and distribution and retail electricity.
Buskowitz’s first partnership with Vivant started in 2019 when it provided engineering, procurement, and construction services for several rooftop solar projects.
To date, the total capacity of solar installations made by Buskowitz with Vivant has reached 2.4 megawatts.