Aboitiz Power withdraws from JV on Ijen geothermal project with Medco Power
Philippines-based Aboitiz Power has withdrawn from plans of a joint development of the Ijen geothermal project in East Java, Indonesia with PT Medco Power Indonesia. The Ijen geothermal project is a 2x55 MW greenfield geothermal project.
Reported this morning, Aboitiz Power Corporation announced having withdrawn plans to explore and develop a greenfield geothermal plant in Indonesia, to re-allocate its resources for other ongoing and pipeline projects.
Aboitiz said it will step aside to allow its partner, PT Medco Power Indonesia, to proceed with the exploration and development of a potential 2 x 55 MW geothermal power plant in Ijen, East Java Province.
Aboitiz told the Philippine Stock Exchange on Tuesday, January 31, that it has decided to exit from the greenfield geothermal exploration and development project of its wholly-owned Singapore-based subsidiary, AboitizPower International Private Limited.
“AboitizPower has decided that it will focus and allocate its resources for other ongoing and pipeline projects,” Aboitiz assistant corporate secretary Mailene de la Torre said in the disclosure.
In September 2015, AboitizPower entered into an agreement with PT Medco Power Indonesia to participate in the exploration and development of a geothermal power plant.