Vivant Corp. said Thursday its wholly-owned subsidiary of its unit Vivant Energy Corp. is selling its 32.26 percent stake in Buskowitz Energy Inc., a solar development, engineering, procurement and construction company.
Vivant Renewable Energy Corp., a unit of Vivant Energy, is selling 560,000 common B shares of Buskowitz Energy to Aurora Sustainable Energy Pte. Ltd., a private limited company incorporated in Singapore.
Financial details of the divestment weren’t disclosed.
Vivant Renewable president and chief executive officer Mark Habana said the divestment is part of Vivant Energy’s “efforts to focus its investments on its core competencies, particularly in its retail energy supply and Small Power Utilities Group businesses.”
Even with the divestment, Vivant Corp. said Buskowitz Energy will remain a potential solar engineering, procurement, and construction partner of Vivant Energy. The divestment won’t affect Vivant Energy’s plan to have a 70 perent-30 percent conventional and renewable energy capacity mix target by 2030.
