Ayala to acquire stake in Chevron’s geothermal assets in Indonesia, PH

Philippine conglomerate Ayala Corporation (AC), through its wholly owned subsidiary AC Energy Holdings, Inc. (AC Energy), is set to acquire the geothermal assets of Chevron in Indonesia and the Philippines.

In a disclosure to the Philippine Stocks Exchange (PSE) on Friday, Ayala said that AC Energy, as part of separate Indonesian and Philippine consortia, has signed shares sale and purchase agreements with Chevron Global Energy Inc., Union Oil Company of California and their relevant affiliates for the purchase of Chevron’s geothermal operations in Indonesia and the Philippines.