VIVANT Energy Corp. signed a P3.5-billion term loan facility agreement with BDO Unibank, Inc., its parent firm said on Thursday.
In a stock exchange disclosure, Vivant Corp. said that its subsidiary signed a five-year agreement with the bank to partially finance its investments in power generation projects.
In September, COREnergy, Inc. — a subsidiary of the renewable energy arm of Vivant — inked a 20-year power supply agreement with Samal Solar Renewable Energy Corp. (SSREC).
SSREC is developing a solar photovoltaic (PV) project with a capacity of 52 megawatts of direct current in Brgy. Samal, Bataan province.
Vivant has said that the solar PV power facility is set to be completed within the second quarter of 2025.
It said that SSREC will construct the plant and supply the contracted energy subject to a condition precedent and a successful financial close to secure debt financing for the project.
Vivant also entered into a joint venture — called Lihangin Wind Energy Corp. — with Aboitiz Power Corp. unit Aboitiz Renewables, Inc. and Singapore-based firm Vena Energy to put up a 206-megawatt wind power project in San Isidro, Northern Samar.
The wind power project is targeted to reach financial closing before the fourth quarter and start the construction by November. It is expected to start commercial operations by the first quarter of 2025. — Sheldeen Joy Talavera