Ayala Corporation energy subsidiary AC Energy International has concluded its geothermal assets with Chevron Philippines to widen its participation in Indonesia, for which it has recently signed an accompanying number of renewable projects with Indonesian power collective UPC Renewables Asia.
AC Energy closed its deal in a development funding arrangement for a sub 50-MW capacity of power generation ventures in the small islands of the region, Ayala Corporation said in a disclosure to the Philippine Stock Exchange on Monday, citing that the Ayala energy arm also agreed to take part in further construction funding of more Indonesian renewable energy projects.
“Indonesia has huge unserved demand especially in smaller islands, which this initiative aims to address,” President and CEO Eric Francia said.
AC Energy also revealed that it has sold its 99% controlling stake in the Chevron PH’s geothermal assets to AllFirst Equity Holdings Incorporated, a private investment company related to the SM Group.
AC Energy, together with Star Energy Geothermal Holdings Pte. Ltd., entered into definitive agreements for the transfer of 99% of their consortium interests in ACEHI-STAR Holdings, Incorporated to AllFirst, the energy consortium said in a separate disclosure.
UPC Renewables Asia Pacific Holdings Ltd. and UPC Renewables Asia I Ltd. have been in touch with AC Energy since 2013 for the establishment and operation of the 81-MW wind farm project by the North Luzon Renewable Energy Corporation in Pagudpud, Ilocos Norte.
Another joint enterprise the two energy groups undertook is the 75-MW Sidrap wind farm project in South Sulawesi, Indonesia, the country’s very first wind farm utility set out to commence in February next year.