Vivant sells stake in Buskowitz Energy
It wants to refocus its investments.
Vivant Energy Corp. (VEC) subsidiary Vivant Renewable Energy Corporation (VREC) is divesting its 32.26% stake in Buskowitz Energy.
The 32.26% stake is equivalent to 560,000 Common B shares, which will be sold to Singapore-based Aurora Sustainable Energy Pte. Ltd. This will be implemented through the assignment by Buskowitz Energy of its right to purchase VREC’s shares under a shareholders’ agreement.
VREC President and CEO said this move is part of the company’s efforts to focus its investments on its core competencies, particularly retail energy supply and small power utilities group businesses.
Despite this transition, VEC said Buskowitz Energy remains to be a potential solar engineering, procurement, and construction partner.
To date, VEC said it is on track with its 70%-30% conventional and renewable energy capacity mix target by 2030.
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