A VIVANT Corp. subsidiary has been awarded a 25-year bulk water supply agreement by the Metropolitan Cebu Water District (MCWD).
Vivant Hydrocore Holdings, Inc. was awarded the agreement after its solicited proposal to the Cordova Bulk Water Supply project, the company said in a disclosure to the stock exchange on Monday.
With Watermatic Philippines Corp. as its technical partner, Vivant Hydrocore will build a utility scale desalination plant to augment limited supply from MCWD by 20,000 cubic meters of treated and potable water each day.
“This investment in bulk water supply is a key milestone for the Vivant group to deliver on its promise to provide forward-looking and adaptable solutions for its communities,” the Cebu-based firm said.
The Vivant group will sign a joint venture partnership agreement with MCWD.
Vivant Hydrocore holds the Vivant group’s water infrastructure investment portfolio as a wholly owned subsidiary of Vivant Infracore Holdings, Inc., which in turn is wholly owned by Vivant.
The Garcia-led holding firm is also in the electricity distribution and power retail sectors. The company last year said it was looking for opportunities in bulk water supply, water distribution, wastewater treatment, and water engineering.
Vivant last week said it set aside P5 billion in capital expenditures to fund power projects until 2023. Its net income attributable to its parent firm fell 38% to P1.4 billion in 2020 as revenues declined.
Shares in Vivant went up 2.67% or 40 centavos to P15.40 apiece on Monday. — Jenina P. Ibanez