By Danessa Rivera (The Philippine Star) | Updated April 4, 2017 - 12:00am
MANILA, Philippines - AC Energy Holdings Inc. of the Ayala Group and its partners have sealed the purchase and acquisition of Chevron’s geothermal assets and operations in Indonesia.
The Indonesian assets and operations include the Darajat and Salak geothermal fields in West Java, with a combined capacity of 637 megawatts of steam and power.
These were acquired through Star Energy Geothermal (Salak-Darajat) B.V., the joint venture firm of AC Energy (with 19.8 percent economic stake), Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd. and Electricity Generating Public Co. Ltd.
“The Indonesia geothermal investment is a major milestone for AC Energy. It is our largest investment in renewables to date, and solidifies our entry in Indonesia,” AC Energy president and CEO John Eric Francia said in a text message yesterday.
Meanwhile, AC Energy and its partners are still waiting to complete the acquisition of the Philippine component of Chevron’s assets.
“The Philippine geothermal asset will take sometime before any deal is confirmed,” Francia said.
The acquisition of the Philippine asset is subject to obtaining certain consents and approvals, including the approval of the Philippine Competition Commission.
The Philippine consortium consists of AC Energy and Star Energy Group Holdings Pte. Ltd., which will put up Acehi-Star Holdings Inc. for the Philippine acquisition.
It will have a 40 percent equity interest in Philippine Geothermal Production Co. Inc., which operates the Tiwi and Mak-Ban geothermal field in Southern Luzon and supplies steam to two power plants, namely the 289-MW Tiwi plants in Albay and the 458-MW Mak-Ban facilities in Laguna and Batangas, owned and operated by the Aboitiz Group.
AC Energy is the development arm of the Ayala group in the energy sector.
It is embarking on a plan to raise its attributable capacity to 2,000 MW as part of its commitment to build a portfolio of power generation assets using renewable and conventional technologies. Currently, it has 1,300-MW in attributable capacity.