Bilyonaryo Enrique Razon has completed the acquisition of Power Barge 101 from the Ayala Group’s power arm AC Energy Corp. (ACEN).
The 32-megawatt power barge, located in Iloilo City, was sold to Razon’s MORE Power Barge Inc.
The deed of absolute sale and assignment was executed last December 21.
PB 101 is contracted to sell ancillary services to the National Grid Corp. of the Philippines.
Last August, ACEN announced the sale of PB 102 and 103 to SPC Power Corp. or its designated affiliate or subsidiary in line with its renewed focus on renewable sources.
Razon controls MORE Electric Power Corp., Iloilo City’s distribution utility.