AC Energy Corp. has sealed a deal to sell its power barge 101 to a company owned by bilyonaryo Enrique K. Razon Jr.
The asset purchase agreement covers the sale of a 4×8 megawatt oil-fired diesel barge in Iloilo City to MORE Power Barge Inc.
ACEN said the deal is expected to be completed in the first quarter of 2022, subject to satisfaction of agreed conditions precedent, which include applicable regulatory approvals.
The company has been unloading its power barges as part of a renewed focus on renewable sources.
Last June, ACEN sold its minority shareholdings in three biomass-fed power projects n the Visayas to allow it to concentrate on the expansion of its solar and wind portfolio.
ACEN aims to build up a portfolio of 5,000 megawatts of renewable energy capacity by 2025 as part of its goal to become the largest listed RE platform in Southeast Asia.