Vivant hikes targets for retail energy group

MANILA, Philippines — Cebu-based Vivant Corp. has set higher targets for its retail energy group amid increasing demand for adaptable energy solutions, including rooftop solar.

The earnings of wholly owned Corenergy Inc. amounted to P47.7 million in 2021 or 23 times the P2.04 million recorded in 2020 due to growing customers for energy engineering services and solar solutions.

“The big jump is from the synergies between the three legs of our retail portfolio  – retail electricity sales, engineering services and solar rooftop solutions,” Vivant president Emil Andre Garcia said.

The company expects an increase in demand for energy solutions, particularly rooftop solar, as more consumers see the need to better manage their energy-related costs.

Garcia said industries adapting to the changed landscape and seeing the value of the adaptable energy solutions would fuel the growth.

“This year is a bit of a challenge as far as retail electricity sales (is concerned) because of higher cost of fuel, spot market but the other two legs will sustain its growth. Overall, the performance of retail segment can be sustained in 2023 and improve beyond 2023,” Garcia said.

For solar rooftop, Vivant is looking to add five to 10 megawatts (MW) every year.

While the damage brought by Super Typhoon Odette dampened Visayan Electric’s performance in the first quarter of 2022, Garcia said the prolonged outage due to damaged power infrastructure has raised awareness on the benefits of solar energy.

“We are targeting to hit beneficial around 40 MW by 2023, both Vivant Corp. and our investment in Buskowitz Energy,” Garcia added.

Last year, Vivant through Vivant Renewable Energy Corp. (VREC) acquired a 34.85 percent stake in Buskowitz Energy, a sustainable solutions enterprise specializing in rooftop solar photovoltaic installations.

To date, Buskowitz with Vivant has a total generating capacity of 9.23 MW.

Both Buskowitz and Corenergy’s solar solutions contribute to Vivant’s goal of reaching a 30 percent renewable energy portfolio by 2030.

Meanwhile, the company sees a continuing growth trend for the engineering service segment.

“Our engineering services continue to grow, one of the achievements we had last year, our external clients—outside of the Vivant group - outnumbered internal clients. We’re seeing that even more and more this year,” Garcia said.