NEWS

By Lisbet Esmael | CNN Philippines | Jun 17, 2021 7:52:53 PM

Metro Manila (CNN Philippines, June 17) — Publicly listed Cebu-based company Vivant Corporation is earmarking most of its ₱6.4 billion capital investment over the next three years to beef up its presence in the power sector.

In a media briefing Thursday, Vivant Senior Vice President for Power Emil Andre Garcia said the bulk or ₱5 billion of the capital expenditures set for 2021 to 2023 will be for its energy business.

Vivant engages in electric power generation, renewable and non-renewable energy, electric power distribution, and retail electricity supply business.

Amid the current power supply situation in Luzon, the executive acknowledged the need to prop up capacity available in the market.

“There’s a need to boost supply in the market. In the long run, we will need much more capacity. That’s why we’re quite bullish with our investments,” he said during a virtual briefing Thursday.

The group is also seeking to accelerate its efforts to make a big name in the renewable energy (RE) space as more customers are now on the lookout for RE sources.

“Everyone now is joining the sustainability bandwagon… Customers are now looking to RE,” Garcia said.

The official said Vivant is hoping to hit 500 megawatts (MW) with a 20% RE portfolio by 2023, and 1,000 MW with a 30% RE portfolio by 2030.

“We continue to look into new technologies and improvements in existing technologies that will help us grow our presence in the power industry especially in the RE space,” he said, noting the focus would be set on solar and wind power projects.

The remaining ₱1.4 billion, meanwhile, is allotted for the group’s infrastructure projects.

“(Vivant) Infracore will initially focus on water and transport infrastructure… This year, our goal is to further develop our capability and put in place an organization to allow Vivant to take on the challenge of the infrastructure industry,” Garcia said.

Source: CNN Philippines