The Ayala Group’s AC Energy Holdings Inc. and its partners have sealed the purchase and acquisition of the Indonesian geothermal assets and operations of Chevron.
These include the Darajat and Salak geothermal fields in West Java with the combined capacity of 637 megawatts of steam and power.
This was acquired by the AC Energy, Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd and Electricity Generating Public Co. Ltd.’s joint venture, Star Energy Geothermal (Salak-Darajat) B.V.
“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.
However, Chevron’s Philippine assets would have to wait as AC energy and its partners are still waiting to complete the acquisition.
“The Philippine geothermal asset will take some time before any deal is confirmed,” Francia said.
The local acquisition will be by the Acehi – Star Holdings Inc, a consortium between AC Energy and Star Energy Group Holdings Pte. Ltd.
It will acquire the 40 percent equity interest in the Philippine Geothermal Production Co. Inc that operates the Tiwi and Mak-Ban geothermal field in Southern Luzon and supplies two power plants; the 289 MW Tiwi plants in Albay and the 458 MW Mak-Ban facilities in Laguna and Batangas. Both are owned and operated by the Aboitiz Group.
AC Energy is the energy development arm of the Ayala Group.