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Business

ACEN firms up sale of 2 power barges

Danessa Rivera - The Philippine Star

MANILA, Philippines — AC Energy Corp. (ACEN) has firmed up the sale of two of its aging diesel-fired power barges to SPC Island Power Corp.

In a disclosure to the Philippine Stock Exchange yesterday, ACEN said it signed an asset purchase agreement for the sale of PB 102 and 103 with SPC Island.

“Closing of the sale is expected to be completed in the fourth quarter of 2021, subject to the satisfaction of agreed conditions precedent, which include the applicable regulatory approvals,” ACEN said.

When asked about the price for the two PBs, ACEN vice president and corporate communications and sustainability head Irene Maranan said the deal is covered by a non-disclosure agreement.

PB 102 and PB 103 are both 4x8-megawatt (MW) oil-fired diesel barges located in Barangay Obrero, Iloilo City and in Barangay Poblacion, Lapu-lapu City, respectively.

PB 102 was decommissioned in July 2020 while PB 103 has not commercially operated since 2015.

Last month, ACEN’s executive committee approved the sale of PB assets as part of the company’s focus on renewables.

These assets were part of the acquisition of Phinma Energy Corp. from the Del Rosario family for P6.3 billion in 2019.

“Assets are aged, these were inherited when we acquired PHEN,” the ACEN project team said earlier but noted that the assets still have flexibility and good value.

For PB 101, ACEN said it was in talks with Prime Strategic Holdings Inc. PB 101 is currently “operational providing ancillary reserves, providing peaking load and/or as a back-up supply,” the ACEN project team said.

ACEN, the energy platform of Ayala Corp., is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

It has over 2,600 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. The company’s renewable share of capacity is at 80 percent, among the highest in the region.

The company aims to exceed 5,000 MW of attributable capacity—with projects here and abroad, to generate at least 50 percent of energy from renewables by 2025, and to become the largest listed renewables platform in Southeast Asia.

So far this year, ACEN has raised $1 billion fresh capital to fund its renewables capacity goal.

AC ENERGY CORP.
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