AC Energy Corp. said its executive committee had approved the sale of three power barges to two buyers in a deal that the Ayala-led firm expects to complete in the fourth quarter.
In a disclosure on Monday, AC Energy said its board had greenlit the sale of its power barge 101 to Prime Strategic Holdings, Inc. or its designated affiliate or subsidiary; and power barges 102 and 103 to SPC Power Corp. or its designated affiliate or subsidiary.
It said the transactions are still subject to applicable regulatory approvals.
“Power Barge 101 is an operating power plant while Power Barges 102 and 103 are non-operating. The sale of the power barges is expected to be completed in the fourth quarter of 2021, subject to satisfaction of agreed conditions precedent, including obtaining the applicable regulatory approvals,” AC Energy said.
In the same filing, the Ayala group’s energy platform said its executive committee had approved the revision of power administration and management agreements with its wholly owned units CIP II Power Corp. (CIP II), Bulacan Power Generation Corp. (BPGC), and One Subic Power Generation Corp. (OSPGC).
The amendments include a requirement to update the fixed capacity fees billable to AC Energy, and the inclusion of a variable capacity fee billable by CIP II and BPGC.
AC Energy said the amendments are effective as of July 1.
CIP II owns and operates a 21-megawatt (MW) diesel plant in Bacnotan, La Union. BPGC owns and operates a 52-MW diesel plant in Norzagaray, Bulacan. OSPGC leases a 116-MW diesel plant in Subic Bay’s Freeport area.
Shares in AC Energy improved 1.79% or 16 centavos to finish at P9.11 apiece on Monday. — Angelica Y. Yang