By Angelica Y. Yang, Reporter
VIVANT Corp. said on Thursday that it is allocating P5 billion in capital expenditures (capex) to finance its power projects until 2023, as the listed energy company detailed its plans to focus on renewable energy (RE).
“We’re allocating P5 billion in capex… for all power projects over the next three years so that’s until 2023,” Vivant Senior Vice-President for Power Emil Andre M. Garcia said during a press briefing on Thursday when the company held its annual stockholders meeting.
“We’re looking at all the types of generation for that,” he said.
However, he added that a “large” portion of the budget is dedicated to RE undertakings.
Mr. Garcia said that Vivant is allotting around P3 billion for power projects this year.
During the briefing, the official of the Cebu-based firm also detailed plans to focus on the solar rooftop sector.
“On the solar rooftop side, we’ll be ending the year with around 10 to 11 megawatts (MW) of installed capacity, and we have in the pipeline another 13 MW… Right now, we’re funding everything via equity so roughly its around $600[,000] to $800,000 per MW of the total project cost,” Mr. Garcia said.
Shem Jose W. Garcia, Vivant’s assistant vice-president for corporate communications and business development innovation, said the firm is planning to ramp up on RE projects in the coming years.
“What we have in the pipeline — we should be able to hit (or) increase our RE portfolio by 100 MW by 2023,” he said.
Vivant is hoping to add more renewables in its portfolio mix, which is currently made up of “95% conventional” power sources.
Vivant previously said its net income attributable to its parent firm decreased by 38% to P1.4 billion for the full-year 2020, as revenues declined.
Vivant shares at the local bourse shed 2.6% or 40 centavos to finish at P15 apiece on Thursday.