By Juzel L. Danganan
MANILA, June 8 (PNA) – Vivant Energy Corporation has acquired 15 percent of Delta P Inc. — the largest independent power producer in Palawan since 1997.
”Vivant Energy Corporation executed a Deed of Absolute Sale and a Share Purchase Agreement (SPA) with Gigawatt Power, Inc. for the sale of 15 percent equity in Delta P, Inc,” Vivant Corporation said in a disclosure with the Philippine Stock Exchange (PSE) Monday.
Vivant said the deal will raise its ownership of the company to 50 percent from 35 percent, with GPI retaining 50 percent from its previous 65 percent stake.
Palawan has experienced three-hour rotational blackouts since April due to a 2 Megawatt (MW) deficit from power plants bogging down, according to local reports.
It currently has a 34-36 MW peak demand.
Palawan Electric Cooperatives Inc (PALECO) also could not source its contracted 53.7 MW capacity from generation companies due to the condition of the plants.
DMCI Power Corporation’s proposed 15-MW coal-fired power plant in Palawan could not proceed with its construction since 2013 due to environmental concerns.
Vivant Corporation is engaged in power distribution and retail electricity. It holds stakes in Cebu Private Power Corporation (CPPC), Delta P, Inc. and Cebu Energy Development Corporation (CEDC). (PNA)