AC Energy (ACEN) has signed the Asset Purchase Agreement for the sale of its two power barges (PBs) to Cebu-based SPC Power Corporation.
In a disclosure to the Philippine Stock Exchange on Thursday morning, ACEN said that the sale of PBs 102 and 103 is expected to be completed in the fourth quarter, subject to regulatory approvals and the meeting of agreed conditions.
Both diesel-fired barges have a capacity of 32 megawatts each, with four eight-megawatt generators, but are not operational. PB 102 is located in Lapuz, Iloilo City, while PB 103 is currently in Lapu-Lapu City, Cebu.
PBs 102 and 103 are among the three barges AC Energy is selling as part of its plan to focus on renewable energy. PB 101 was sold to Enrique Razon-led Prime Strategic Holdings, Inc. All three barges were previously owned by Phima Energy, which Ayala bought in 2019.