Local power groups eyeing Chevron geothermal assets

Local power groups eyeing Chevron geothermal assets

Three local companies are eyeing the geothermal assets of Chevron in the country, after the American energy company was seen unloading its geothermal units in the Philippines and Indonesia.

The Ayala Corporation, Energy Development Corporation and the Aboitiz Equity Ventures are looking into the estimated $2.5 billion geothermal units of Chevron in the country.

“We’re interested in geothermal and the Chevron opportunity is an attractive one,” AC Energy Holdings Inc. president and CEO told the Inqurier.

Meanwhile, AEV president Erramon Aboitiz said that they would be “looking at different opportunities that come along.”

Energy Development Corp., the largest producer of geothermal energy in the country, said that they will study any potential to expand their geothermal portfolio.

“Whether we actually bid would depend on a number of factors,” First Philippine Holdings vice president Ramon Carandang said. FPH is the parent company of the EDC, a Lopez owned company.

Other companies that are reported to be interested in Chevron’s Asian geothermal assets are China Investment Corp., Malakoff Corp, Ormat Technologies Inc, and Marubeni Corp. of Japan.