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Business

ACEN closes sale of power barge to MORE

Danessa Rivera - The Philippine Star

MANILA, Philippines — ACEN Corp., the energy platform of the Ayala Group, has closed the sale of its remaining diesel-fired power barge for P126 million.

Proceeds from the sale will be used to bankroll ACEN’s renewable development plan.

In a disclosure to the Philippine Stock Exchange yesterday, ACEN said it executed a deed of absolute sale and assignment for Power Barge (PB) 101 to More Power Barge Inc. (MPBI) last January 21.

“The transaction involves all of MPBI’s rights, title and interests in PB 101 and, to the extent permitted by law, all permits and licenses required to own, operate, and maintain the power barge,” ACEN said.

Located in Barangay Obrero, Iloilo City, PB 101 is a 4x8-megawatt (MW) oil-fired diesel barge which is currently operating.

In August last year, ACEN decided to sell the assets as part of the company’s focus on renewables.

The company sold its ageing PB 102 and PB 103 to SPC Island Power Corp. in September last year.

PB 102 and PB 103 are both 4x8-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.

The sale of these PBs allows the company to rebalance its portfolio to focus on renewable energy.

“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 projects,” it said.

ACEN 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.

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