AboitizPower Sells Mothballed Navotas Power Barges to Razon-Led MORE Power
Key Takeaways
- •AboitizPower's subsidiary Therma Mobile transferred ownership and operational control of two power barges at the Navotas Fish Port Complex to MORE Power.
- •The sold units, Mobile 4 and Mobile 6, had been mothballed since February 14, 2025, following a confirmation letter from the Department of Energy.
- •Financial terms of the transaction were not disclosed, and the disclosure did not provide a timetable for completing the transfer.
- •MORE Power is a distribution utility serving Iloilo City and expanding into municipalities in Iloilo province, and is led by Enrique K. Razon Jr., who also chairs International Container Terminal Services Inc.
- •TMO's remaining oil-fired barges, Mobile 3 and Mobile 5, will continue operating, and its four Navotas barge-mounted plants previously had a combined installed capacity of 24 megawatts.
Aboitiz Power Corp. (AboitizPower) has sold its mothballed, oil-fired power barges in Navotas City to MORE Electric and Power Corp. (MORE Power), the distribution utility led by Philippine businessman Enrique K. Razon Jr., the company said. Razon also chairs port operator International Container Terminal Services Inc. Financial terms of the transaction were not disclosed.
In a disclosure to the Philippine Stock Exchange on Monday, AboitizPower said its subsidiary Therma Mobile, Inc. (TMO) had transferred ownership and operational control of two power barges at the Navotas Fish Port Complex in Metro Manila to MORE Power.
“TMO and MORE Power are closely coordinating the transfer of these two power barges in compliance with grid and regulatory standards,” AboitizPower said. The disclosure did not indicate a timetable for completing the transfer.
The two units, Mobile 4 and Mobile 6, have been mothballed since Feb. 14, 2025, following the issuance of a confirmation letter by the Department of Energy. Mothballing involves taking a facility out of service while preserving it for future use. A power barge is a floating power plant that can be towed and moored at different locations. Barge-mounted units are commonly used in the Philippines to supply electricity to coastal and island communities.
AboitizPower said TMO’s remaining oil-fired power barges, Mobile 3 and Mobile 5, will continue operating.
MORE Power is an electricity distribution utility serving Iloilo City and expanding into municipalities in Iloilo province in the central Philippines.
TMO is an AboitizPower subsidiary held through Therma Power, Inc., the group’s holding company for thermal energy investments. Before the sale, TMO’s four barge-mounted power plants at the Navotas complex had a combined installed capacity of 24 megawatts.
AboitizPower, which trades on the Philippine Stock Exchange, is the Aboitiz Group’s holding company for investments in power generation, distribution, and retail electricity services.
— Sheldeen Joy Talavera
Source: BusinessWorld Online
