Vivant Corp. is further expanding its renewable energy (RE) and water business footprints this year having posted a 43 percent surge in net income last year.
“Vivant remains bullish in sustaining our growth in the power generation and electricity distribution sector as well as in the water infrastructure segment. We will continue to play a pivotal role in transitioning to more renewable energy sources and work towards a more sustainable and environmentally friendly future,” said Arlo Sarmiento, Vivant Corp. chief executive officer, in a statement.
Vivant Corp. booked a 2.3 billion net income in 2023 compared to 2022’s P1.60 billion
Vivant Energy Corp., the company’s energy strategic business unit (SBU), contributed the most due to strong results from its on-grid and off-grid business segments.
Vivant Energy also expanded its off-grid portfolio in 2023 by consolidating ownership of facilities in Puerto Princesa, Palawan through Delta P Inc. as well as in Coron and Busuanga, Palawan via Calamian Islands Power Corp. and in Bantayan Island, Cebu made through Isla Norte Power Corp.
These acquisitions resulted in expanded investments in the Small Power Utilities Group (SPUG) from 35 megawatts to 63 MW, nearly doubling Vivant Energy’s attributable installed capacity in the segment.
SPUG power plants nationwide are mostly diesel-fired generator sets located in remote areas and not connected to the main grid.
The company also acquired last year a solar facility in Bulacan through San Ildefonso Alternative Energy Corp. and signed a joint venture agreement with Vena Energy and Aboitiz Renewables Inc. for the construction of a wind farm in Samar and Leyte.
Completion of these projects will increase Vivant Energy’s attributable capacity by 22 MW this year and 62 MW in 2025.
Vivant’s power distribution business segment also posted a recovery in 2023, driven by a 12 percent surge in electricity sales for the year, with both residential and non-residential markets posting healthy consumption growth.
The company’s retail electricity group, meanwhile, ended the year with a bottomline share of P72.4 million, up by 33 percent year-on-year while rooftop solar and the retail electricity business contributed to the favorable earnings due to increased energy delivered and increased customer base.
However, results were not as favorable for the company’s water SBU Vivant Infracore Holdings Inc. as it posted losses due to higher costs and operating expenses.
Despite this development, Vivant pushed ahead with the development and construction of its 20-million-liter-per-day desalination plant in Cordova, Cebu, the first utility scale seawater desalination facility in the country.
As of end-2023, the plant is 61 percent completed and expected operational by the third quarter this year.
The project is Vivant’s attempt at providing a sustainable solution to Cebu’s water crisis. It is expected to produce potable water that will satisfy the daily consumption of roughly 20,000 households.
