AC Energy inks purchase agreement with SPC unit for two power barges

AC Energy Corp. has signed an asset purchase agreement with SPC Power Corp. subsidiary SPC Island Power Corp. for the sale of two oilfired diesel barges, according to a regulatory filing on Thursday.

The facilities up for sale are power barge (PB) 102 and PB 103, which have a capacity of 32 megawatts (MW) each.

“Closing of the sale is expected to be completed in the fourth quarter of 2021, subject to satisfaction of agreed conditions precedent, which include the applicable regulatory approvals,” AC Energy told the local bourse in a disclosure.

PB 102 is based in Brgy. Obrero, Iloilo City, while PB 103 is located in Brgy. Poblacion, LapuLapu City. Both are not operating at this time.

No other details on the asset purchase agreement were provided.

Last month, the Ayala-led power firm announced that its executive committee had cleared the sale of three power barges. The buyers are Prime Strategic Holdings, Inc. or its designated affiliate or subsidiary, and SPC Power Corp. or its designated affiliate or subsidiary.

In a previous disclosure, it said that PB 101 is an operating power plant, while the other two are offline.

AC Energy identified Prime Strategic Holdings or its assigned affiliate or unit as a possible buyer of PB 101, following the board’s approval of the facility’s sale.

The firm hopes to become the largest listed renewable energy platform in Southeast Asia as it targets to reach a net attributable capacity of 5,000 MW by 2025. It has a presence in the Philippines, Vietnam, Indonesia, India and Australia. At home, it has around 1,200 MW of attributable capacity, with renewables accounting for more than half.

AC Energy shares at the local bourse climbed by 3.76% or 38 centavos to finish at P10.48 apiece on Thursday. —