Vivant Energy Corporation and its recently-acquired project company, San Ildefonso Alternative Energy Corp. (SIAEC) signed an Asset Sale and Purchase Agreement and a Deed of Absolute Sale with Cleantech Global Renewables Inc. to acquire the Assets.
Vivant Corporation subsidiary to acquire a solar power plant facility with a target capacity of 22 MWp and its ancillary facilities in San Ildefonso, Bulacan, Philippines.
The transaction is a strategic investment to increase Vivant’s footprint in the renewable energy industry. Vivant Energy, is a wholly-owned subsidiary of Vivant Corporation, holding the latter’s renewable energy investment portfolio. SIAEC is a subsidiary of Vivant Energy.
Cash in the amount of US$15,500,000.00, out of which $10,928,571.00 was paid for the purchase of the Assets. The remaining amount will be allocated for the payment of other development fees and related expenses.
The Asset was developed by Cleantech to be part of its power generation portfolio. Vivant’s subsidiaries intend to use the Assets as a merchant power plant once testing and commissioning are done.
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