AC Energy completes acquisition of Chevron’s geothermal assets

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AC Energy Holdings (AC Energy), a wholly owned subsidiary of Ayala Corporation (AC), said that as part of an Indonesian consortium, it has completed the purchase and acquisition of Chevron’s geothermal assets and operations in Indonesia.

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AC Energy said in a disclosure to the Philippine Stock Exchange (PSE) on Monday that the Indonesia consortium consists of AC Energy (holding a 19.8-percent stake), Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd., and Electricity Generating Public Company Ltd.

It said the acquisition was made through their joint venture company, Star Energy Geothermal (Salak-Darajat) BV.

The Indonesia assets and operations include the Darajat and Salak geothermal fields in West Java, Indonesia, with a combined capacity of 637 megawatts of steam and power.

AC Energy Holdings Inc. is the development arm of the Ayala group in the energy sector. The company is committed to build a portfolio of power generation assets using renewable and conventional technologies.

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