LISTED Trans-Asia Oil and Energy Development Corp. has acquired three power barges from the state power assets privatization agency for P420 million, beefing up its power generation portfolio by an additional 96 megawatts (MW).
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Trans-Asia said the three assets are power barges 101, 102, and 103, each with a capacity of 32 MW, which it acquired from state-run Power Sector Assets and Liabilities Management Corp. (PSALM).
PSALM officially turned over the power barges to Trans-Asia on Wednesday after payment of the purchase price and delivery of the closing documents.
Power barges 101 and 102 consist of four units each with a rated capacity of 8 MW, and both barges are located in Bo. Obrero, Iloilo City.
Power barge 103, also consisting of four units each with a rated capacity of 8 MW, is located at the Keppel Subic Shipyard, Inc. in Subic, Zambales.
In its statement, Trans-Asia recounted that PSALM had conducted the third round of bidding for the sale of the three power barges on October 30, 2013,
SPC Island Power Corp. (SIPC) was declared the highest bidder while Trans-Asia was declared as the second highest bidder.
Due to the onslaught of Super Typhoon Yolanda (Haiyan) in November 2013, PB 103 was de-moored and ran aground, resulting in severe damage to its hull and other equipment.
PB 103 was towed to Keppel Subic Shipyard for purposes of tank cleaning and repair.
Because of this, SIPC terminated its asset purchase agreement (APA) with PSALM for three power barges.
As a result, Trans-Asia offered to purchase the three power barges for P420 million and entered into a memorandum of agreement (MOA) with PSALM for its negotiated sale.
The company said the acquisition of the power barges will add to its growing power generation portfolio which includes diesel power plants in Norzagaray in Bulacan, Bacnotan in La Union, Guimaras in Iloilo and Subic in Zambales.
In addition, it also operates a 52-MW wind farm in San Lorenzo, Guimaras; the Maibarara Geothermal plant, a portion of the Sem-Calaca power plant; a 40-MW capacity from the Unified Leyte Geothermal Power Plant and the 135-MW coal power plant in Calaca, Batangas, through South Luzon Thermal Energy Corporation, a 50-50 joint venture with AC Energy Holdings, Inc.
Trans-Asia is an integrated power solutions company of the PHINMA group and is engaged in power generation and electricity supply, wind energy development and energy resource development. It provides reliable and sustainably energy to its customers and host communities.