Vivant Energy Corp. (VEC) has bought 15 percent of the equity of Gigawatt Power Inc. (GPI) in Delta P Inc. (DPI)
In a disclosure to the Philippine Stock Exchange (PSE), VEC said it has executed a deed of absolute sale and a share purchase agreement with GPI for its stake with DPI.
Delta P, the owner and operator of a 16-megawatt (MW) diesel-fired power plant in Palawan, has a power supply contract with Palawan Electric Cooperative, Inc. (PALECO).
The execution of the Agreements will result in a 50-50 percent equity split between VEC and GPI in Delta P.
Prior to the execution of the Agreements, VEC owned 35 percent equity in Delta P, while GPI owned 65 percent.
VEC is a wholly-owned subsidiary of Vivant Corporation, a publicly listed holding company that has interests in various companies engaged in the electric power generation (renewable and non-renewable energy), electric power distribution, and retail electricity supply business.
Through its equity interests in its subsidiaries and associates, Vivant is in the business of electric power generation, electric power distribution and retail electricity supply in the Philippines, particularly in Luzon and Visayas.