AC Energy Corporation (ACEN), a subsidiary of Ayala group, has sold its remaining stake in a diesel-fired power barge in the Philippines to MORE Power Barge Incorporated. The companies have signed an asset purchase agreement completing the sale of Power Barge (PB) 101. MORE Power Barge plans to use PB 101, the 4×8-megawatt (MW) oil-fired diesel barge, for auxiliary reserves, providing peaking load and as back-up power supply.
The handover procedure for the PB is scheduled to be completed in Q1 2022, pending the fulfilment of agreed conditions precedent, including applicable regulatory approvals.
During September 2020, ACEN sold its stake in PB 102 and PB 103 to SPC Island Power Corporation. Both of these are 4×8-MW oil-fired diesel barges located in Barangay Obrero and in Barangay Poblacion.
This move is in line with the company’s decision to transition its portfolio to renewable energy assets.