AC Energy Corp. said Wednesday it signed an agreement to sell Power Barge 101 to MORE Power Barge Inc.
PB 101 is a 32-megawatt oil-fired diesel barge stationed in Barangay Obrero, Iloilo City. AC Energy earlier took possession of the barge after it acquired the assets of Phinma Energy Corp.
“Closing of the sale 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 said in a disclosure to the stock exchange.
AC Energy also decided to sell Power Barge 102 and PB 103 to SPC Power Corp.
“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 earlier.