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.
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