LISTED Vivant Corp. announced that a unit of its energy-related holding company Vivant Energy Corp. (VEC) is divesting from solar power provider Buskowitz Energy, Inc. as part of refocusing its investments.
VEC’s wholly owned subsidiary Vivant Renewable Energy Corp. (VREC) is divesting its 32.26% stake, equivalent to 560,000 Common B shares, in Buskowitz Energy, Vivant said in a statement to the stock exchange on Thursday.
“The divestment is part of VEC’s efforts to focus its investments on its core competencies, particularly in its retail energy supply and small power utilities group businesses.” VREC President and Chief Executive Officer (CEO) Mark D. Habana said.
Under the planned divestment, Singapore-based private limited company Aurora Sustainable Energy Pte. Ltd. will acquire outstanding Common B shares through the assignment by Buskowitz Energy of its right to purchase VREC’s shares under the shareholders’ agreement.
Despite this transition, Buskowitz is still a potential solar engineering, procurement, and construction partner of VEC.
“This decision is rooted in mutual respect and a shared vision for a sustainable future. We value our past collaboration and look forward to pursuing our respective growth strategies,” Buskowitz Energy President and CEO James Buskowitz said.
Buskowitz Energy has business interests in solar development, engineering, procurement, and construction. It offers solar power purchase agreements, leases and solar loans for companies and individuals to help their switch to renewable energy solutions.
To date, VEC is on track with its 70%-30% conventional and renewable energy capacity mix target by 2030.
Vivant shares were last traded on Sept. 17 at P14.86 apiece. — Revin Mikhael D. Ochave
