AC Energy Corp., a unit of Ayala Corp., said Thursday it signed an agreement to sell Power Barges 102 and 103 to SPC Island Power Corp.
“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 said in a disclosure to the stock exchange.
PB 102 and PB 103 are both 32-megawatt oil-fired diesel barges and non-operating. PB 102 is located in Barangay Obrero, Iloilo City, while PB 103 lies in Barangay Poblacion, Lapu-lapu City.
AC Energy said it decided in August to sell the power barge assets to SPC Power and Prime Strategic Holdings Inc.
AC Energy announced it would focus on renewable energy projects with a goal of reaching 5,000 megawatts of capacity by 2025.
The company recently approved the joint venture with ib vogt Singapore Pte. Ltd. to develop solar projects in the Philippines with an initial target of 300 MW of generating capacity.
Its partner, ib vogt Singapore, is an affiliate of ib vogt GmbH, a German company focused on developing and delivering high-quality large-scale turnkey photovoltaic plants worldwide.
AC Energy is also pursuing a 288-MW solar project in Buguey and Lal-lo, Cagayan and the 275-MW expansion of the Gigasol Palauig Solar Project in Zambales.
AC Energy is the listed energy platform of the Ayala Group. It has about 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. It aims to be the largest listed renewables platform in Southeast Asia.