By
Lenie Lectura - January 31, 2017
ABOITIZ Power Corp.
(AboitizPower) will no longer pursue its geothermal investment in Indonesia.
“AboitizPower has
decided to exit from the greenfield geothermal exploration and development
project of its wholly owned Singapore-based subsidiary, AboitizPower
International Pte. Ltd. [AP Intl] in Ijen, East Java Province, Indonesia,” the
power firm said on Tuesday.
AP Intl entered into
the agreement with PT Medco Power Indonesia to participate in the exploration
and development of a potential 2×55 megawatt (MW) geothermal-power plant in
September 2015.
“AboitizPower has
decided it will focus and allocate its resources for other ongoing and pipeline
projects and has agreed to step aside to allow its partner to proceed with the
project,” it said.
PT Medco Cahaya
Geothermal, the project company as the subsidiary of PT Medco Power Indonesia,
had been awarded the concession to develop the project.
Earlier, the company
failed to win in the recent auction involving the geothermal assets of
energy giant Chevron Corp. in the Philippines and Indonesia.
Still, the power
firm is keen on other renewable projects and hopes to add solar energy to
its portfolio to supplement its hydroelectric and geothermal projects.
AboitzPower targets to
put up 2,000 MW of additional power capacity in the next five years. It has
programmed P125 billion to achieve this target.
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