Aboitiz Power and PT Medco Power to co-develop project in Indonesia
Philippines-headquartered Aboitiz Power Corp. and PT Medco Power Indonesia sign deal on co-development of a 110 MW greenfield geothermal project in East Java, Indonesia.
Reported by the Manila Bulletin today, Aboitiz Power Corporation (AboitizPower) and PT Medco Power Indonesia (MPI) have announced having secured a deal on the co-development of a 110 MW geothermal power project.
The agreement was signed by Singapore-based subsidiary of Aboitiz Power, Aboitiz Power International Pte. Ltd. on its participation in the exploration and development of a greenfield geothermal project with a potential of 2×55 MW, in East Java Province, Indonesia.
MPI is owned by two large companies in Indonesia, Saratoga Power and Medco Energi Internasional Tbk (MEI).
MEI is the largest national listed energy company in Indonesia, while Saratoga Power is owned by Saratoga Capital, the biggest Indonesian investment funds with ownership in Coal Mining, Power Generation, Foods, and Airlines Business.
The project company for the geothermal plant will be PT Medco Cahaya Geothermal.
PT Medco Cahaya, which will operate as a subsidiary of MPI, was already awarded with the concession to develop the project and is currently in the resource validation and exploration stage.
AboitizPower already signified its intention to enter Indonesia both for its power and food business as early as May last year.
Source: Manila Bulletin