AC Energy Holdings Inc. on Monday said it has completed the acquisition of Chevron’s geothermal assets in Indonesia. “AC Energy, a wholly owned subsidiary of Ayala Corp., and as part of an Indonesian consortium, completed the purchase and acquisition of Chevron’s geothermal assets and operations in Indonesia,” the company said in a disclosure.
The Indonesia consortium consists of AC Energy, Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd. and Electricity Generating Public Co. Ltd.
AC Energy has a 19.8-percent economic stake in the consortium. 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 megawatt (MW) of steam and power.
AC Energy President John Eric Francia said last week the company plans to further expand in Indonesia and possibly enter Vietnam.
“We started with Indonesia. We’re not going to stop with Indonesia. We’re engaged in discussions on collaborating possible expansion in Indonesia,” he said. “While it will take time to strengthen our presence in Indonesia, we have started to look around the Southeast Asia region. We hope to make our second regional investment in about 12 months to 18 months,” Francia said.
Francia was referring to Vietnam. “We are beginning to look at other Southeast Asian markets. We are looking at Vietnam,” he said.
AC Energy 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. AC Energy shall contribute to the country’s energy requirements to power the nation’s progress.
In just five years, Francia said AC Energy’s attributable capacity has reached 1,000 MW in 2016. The company has set a new target of 2,000 MW by 2020, of which 1,000 MW will come from renewable energy.