ACEN sells power barge for P39.2M

BY LENIE LECTURA – APRIL 19, 2022
from Business Mirror

AC Energy Corp. (ACEN) has sold its power barge for P39.2 million to SPC Power Corp.

ACEN and SPC executed on April 19 the deed of absolute sale for the power barge, a 4x8MW oil-fired diesel power barge and is currently decommissioned in Lapu Lapu City.

“With the sale of the currently decommissioned PB103, ACEN will reinvest the process from the sale in its renewable energy projects,” said ACEN, adding that the sale is a “rebalancing” move of the company’s portfolio “to focus on renewable energy”.

PB103 will “provide” SPC with “additional assets in the form of critical spare parts for use on its existing similar facility”.

“The Company will have continuous availability of critical and regular spares for maintenance which will result to stable operations of existing assets and sustained supply of power in the area of responsibility,” SPC said separately.

SPC will finance the payment via internal funds.

A condition precedent to the closing of the sale is the approval of PSALM (Power Sector Assets and Liabilities Management Corp.) to the assignment of the lease agreement covering the mooring site of PB103.

ACEN is also selling PB101 to Razon-led Prime Strategic Holdings Inc. and PB102 to SPC. PB101 is an operating power facility while PB102 is not.