Ayala set to acquire assets from energy giant Chevron in PH, Indonesia

Last Friday (December 23), Ayala Corp. announced that they are set to acquire significant stakes in the geothermal assets from multinational energy corporation Chevron’s consortia in the Philippines and Indonesia.

AC Energy Holding Units Inc., a wholly owned subsidiary of Ayala Corp., is part of a consortium that signed share-sale agreements with Chevron Global Energy Inc., Union Company of California and their relevant affiliates.

The Indonesia consortium consists of AC Energy, Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd., and Electricity Generating Public Company Ltd. While on the other hand, the Philippine consortium consists of Star Energy Group and AC Energy, and the acquisition will be made through joint venture company, ACEHI-Star Holdings Inc.

According to AC Energy President and CEO John Eric Francia, this acquisition is a major milestone for AC Energy as this scales up their renewable energy platform and establishes presence in Indonesia. He also said that this is a significant step towards attaining their goal of reaching 2000 megawatts by 2020.

Here in the Philippines, Chevron units have 40 percent equity interest in the Philippine Geothermal Production Company Inc. which operates the Tiwi and Mak-Ban geothermal field in Southern Luzon and supplies steam to power plants with a combined name plate capacity of about 700MW.

As of now, financial details of the sale were not disclosed.

Sources: Inquirer.net, ABS-CBN news