SPC acquires power diesel barge from ACEN

MANILA, Philippines — SPC Power Corp. has acquired a diesel-fired power barge from ACEN Corp. for P39.2 million.

SPC and ACEN executed the deed of absolute sale for the decommissioned power barge (PB) 102, the companies said in separate disclosures to the Philippine Stock Exchange yesterday.

This follows the asset purchase agreement signed in September last year and the assignment of SPC Island Power Corp. (SIPC) of its obligations and rights to parent firm SPC.

The transaction—which involves all of the rights, title and interests in PB 102 and all permits and licenses required to own, operate, and maintain the power barge – amounts to P39.2 million.

PB 102 was decommissioned in July 2020.

“The valuation was based on the present value of the expected benefits to be derived from the purchased unit as spare parts for SPC’s existing unit as well as the market value of the hull,” SPC said.

The transaction is subject to the approval of the Power Sector Assets and Liabilities Management Corp. (PSALM) to the assignment of the lease agreement covering the mooring site of PB 102

SPC said the acquisition of PB 102, 4x8-megawatt (MW) oil-fired diesel power barge in Barangay Obrero, Lapuz, Iloilo City, would provide additional assets in the form of critical spare parts for use on its existing similar facility.

“The company will have continuous availability of critical and regular spares for maintenance which will result to stable operations of the existing assets and sustained supply of power in the area of responsibility,” it said.

SPC owns and operates the 32-MW Power Barge 104 in Ubay, Bohol, which was acquired from PSALM in 2016.

Meanwhile, ACEN said the sale of the currently decommissioned PB 102 would use the proceeds in its renewable energy projects.

The company has over 3,000 megawatts (MW) of attributable capacity across Asia-Pacific, with 18,000 MW in its pipeline of renewables projects being developed organically and with its various partners across the region.

It aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000-MW of renewables capacity by 2025.