Ayala-led ACEN has sold its previously-held Power Barge (PB) 101 to MORE Power Barge, Inc. (MPBI) of business tycoon Enrique Razon for Php126 million.
In a disclosure to the Philippine Stock Exchange on Thursday, ACEN said it handed over PB 101 to MPBI on January 21 following the signing of the Asset Purchase Agreement or the sale a month before.
Located in Lapuz, Iloilo City, PB 101 is a 32-megawatt (MW) oil-fired diesel barge and is currently operating. MPBI is a unit of MORE Power, the city’s distribution utility.
“With the sale of PB 101, its remaining operating power barge, the company will no longer have operating power barges. The company will reinvest the proceeds from the sale in its renewable energy [(RE)] projects,” ACEN said.
Ayala’s power arm earlier projected to have 3,000MW in RE projects early this year, as it aims to attain a 5,000MW all-renewables portfolio by 2025.