AC Energy to sell Iloilo power barge
BY LENIE LECTURA – DECEMBER 23, 2021
from Business Mirror
AC ENERGY Corp. (ACEN) is selling a power barge to MORE Power Barge Inc.
In a disclosure to the stock exchange, ACEN said it signed on Wednesday the Asset Purchase Agreement for the sale of Power Barge (PB) 101. The purchase amount was not disclosed.
PB 101 in Barangay Obrero, Iloilo City is a 4 x 8 megawatt (MW) oil-fired diesel barge. It is operational and providing ancillary services, providing peaking load and/or as back-up supply.
The sale is expected to be completed in the first quarter of 2022, subject to satisfaction of agreed conditions precedent, which include applicable regulatory approvals.
Earlier, ACEN executed an asset purchase agreement for the sale of PB 102 and 103 with SPC Island Power Corp. PB 102 and PB 103 are both 4 x 8 MW oil-fired diesel barges and are currently non-operating.
PB 102 in Barangay Obrero, Iloilo City has been decommissioned since July 2020, while PB 103 in Barangay Poblacion, Lapu-lapu City is non-operating.
These assets are “aged” and were inherited when the company acquired Phinma Energy Corp. from the Del Rosario family for P6.3 billion in 2019.
ACEN said the sale of power barges is part of the company’s move to shift its focus to renewable energy (RE).
The company is the listed energy platform of the Ayala Group. It has about 2,900 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia.
The company’s renewable share of capacity is at around 80 percent. Its goal is to reach 5,000 MW of renewables capacity by 2025.
