To maintain a cost-efficient and affordable energy cost in the Visayas, a Cebu-based power company entered into a contract with a Russian energy company to explore new technologies that will provide a stable power supply in the coming years.
Vivant Corporation, a Cebu-based power generation, power distribution, and retail electricity supply business entered a Memorandum of Understanding and Cooperation between INTER RAO-Export LLC, a subsidiary of Russia’s leading and biggest energy holding INTER RAO Group, for a sustainable power supply not just in the Visayas but nationwide.
The two big companies signed their MOU last October 17, 2019, in Makati, Manila. Secretary Michael Lloyd Dino who facilitated the partnership said that this is where Russia’s leading and biggest energy holding company will start exploring business opportunities with a key local energy player in the Philippines such as the Vivant Corp.
“Energy is an important aspect in the development of our economy, and I strongly encourage foreign investors to come into our country to be a partner of the development especially in the power sector,” said Secretary Dino.
The said partnership will also be the beginning of a bilateral cooperation in the field of energy in the Visayas. Inter RAO – Export LLC is a field-specific company within Inter RAO Group, established in 2011, with the aim of development of international business in power equipment supply and engineering, including construction, reconstruction, repair and maintenance of power facilities. Secretary Michael Lloyd Dino during his visit with President Duterte in Russia made sure to get the best opportunities for the Visayas.
He added that this is very timely knowing that based on the data of the Department of Energy (DOE) the Philippines needs an additional 44,765 megawatts (MW) of power from 2017 to 2040.
The said move is in line with the Philippines maturity into a market-driven industry which is the goal of the Energy Department. Last year, DOE considered 2018 as the year of an opportunity for the energy sector to continue their push in pursuing and achieving our mandate of providing reliable, stable, and sustainable energy for the Filipinos,” said Department of Energy, Energy Policy and Planning Bureau officer-in-charge Patrick Aquino during the 6th Power Southeast Asian Exhibition and Conference (PSEA).