AC Energy Corp. signed an accord with SPC Island Power Corp. for the sale of Power Barges 102 and 103.

In a disclosure, the Ayala Group’s energy platform announced the signing of the asset purchase agreement signed by both parties on Thursday.

“Closing of the sale is expected to be completed in the fourth quarter of 2021, subject to satisfaction of agreed conditions precedent, which include the applicable regulatory approvals,” it added.

Power Barges 102 and PB 103 are both 4 x 8 megawatts (MW) oil-fired diesel barges and are currently nonoperating.

Power Barge 102 is located in Barangay Obrero, Iloilo City while Power Barge 103 is currently in Barangay Poblacion, Lapu-lapu City.

Last month, AC Energy’s executive committee authorized the listed firm to sell Power Barge 101 to Prime Strategic Holdings Inc. and Power Barges 102 and 103 to SPC Power Corp. or the designated affiliate or subsidiary of the two entities.

AC Energy currently has attributable capacity of 2,600 MW in the Philippines, Vietnam, Indonesia, India and Australia.

The company aspires to be the largest listed renewables platform in Southeast Asia and reach 5 gigawatts of renewables capacity by 2025.