Business World Online
Posted on September 21, 2015 08:50:00 PM
By Claire-Ann M. C. Feliciano, Senior Reporter
ABOITIZ Power Corp. (AboitizPower) has gained a foothold overseas via the acquisition of a participating interest in a 110-megawatt (MW) geothermal prospect in Indonesia, the listed power firm told the stock exchange yesterday.
Singapore-based AboitizPower International Pte. Ltd., a wholly owned subsidiary of AboitizPower, “entered into an agreement with PT Medco Power Indonesia to participate in the exploration and development of a potential 2x55 MW greenfield geothermal plant in East Java Province.”
The project will be undertaken through PT Medco Cahaya Geothermal, a subsidiary of PT Medco Power Indonesia.
AboitizPower said PT Medco Cahaya “was awarded the concession to develop the project and is currently in the resource validation and exploration stage.”
AboitizPower President Antonio R. Moraza said in a text message that this is the company’s “first international power venture.”
He added the company will take in a 49% interest in the project, which is currently in the exploratory stage.
Investment cost on the Indonesian venture has yet to be identified.
Mr. Moraza said the company will drill exploratory wells, which are estimated to cost $3 million for two.
AboitizPower -- which is one of three power generators in the Philippines -- has been exploring expansion opportunities in Southeast Asia.
“We’re basically looking at Indonesia as an opportunity. We’ve seen people and we’ve introduced ourselves but there’s nothing firm yet,” AboitizPower Chief Executive Officer Erramon I. Aboitiz said earlier.
Aside from Indonesia, officials earlier said Myanmar, Vietnam and Papua New Guinea are also within the company’s radar.
AboitizPower currently has an attributable power portfolio totaling about 2,300 MW -- involving coal, geothermal, hydropower and oil-based facilities.
The firm committed to have a portfolio of around 4,000 MW in the next five years as it continues to explore expansion opportunities locally and overseas.
AboitizPower is the power arm of Aboitiz Equity Ventures, Inc. -- the listed holding firm of Aboitiz-owned businesses, which also include real estate, food and banking. source
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