ACEN signed yesterday the asset purchase agreement for the sale of its Power Barge (PB) 101 to MORE Power Barge Inc. in Iloilo City.
The amount of the transaction was not disclosed but ACEN told the Philippine Stock Exchange closing of the sale is expected to be completed in the first quarter of next year, subject to satisfaction of agreed conditions which include applicable regulatory approvals.
PB 101 is a 4×8 megawatts (MW) oil-fired diesel barge and is currently operating and located in Barangay Obrero.
Last August, ACEN announced its decision to offload its three PBs each capable of 32 MW maximum capacity.
The two other PBs owned by ACEN, namely 102 and 103 which are non-operating were purchased by SPC Power Corp.
PBs are power plants that usually run on petroleum fuel that can be mounted on ships to be able to travel and supply energy to areas that will need them.
Last July, PB 102 experienced an explosion that caused an oil spill incident in Iloilo. – Jed Macapagal
