Aboitiz teaming up with Marubeni in run for Chevron geothermal assets
Philippines-based Aboitiz group is partnering with Japanese group Marubeni in bid for geothermal assets by Chevron in Indonesia and the Philippines.
Reported this week, there is a strong interest in the geothermal assets of Chevron Corp. in the Philippines and Indonesia.
The company indicated an interest in the sale of those assets earlier this year. Philippines-based Aboitiz Group plans to team up with Japanese group Marubeni in a bid for the assets both in the Philippines and Indonesia.
With the possible deal, both companies intend to get a stronger regional footprint.
In local news, Luis Miguel Aboitiz, chief operating officer and executive vice president at Aboitiz Power Corp., said the group was interested in the Asian geothermal assets to be unloaded by Chevron. “It’s renewable. We’re already in geothermal and we like Indonesia. We think Indonesia has lots of potential,” Aboitiz told reporters in a chance interview on Thursday night.
Aboitiz said the auction was being structured in such a way that these Asian assets would be sold as one block. As such, he said the Aboitiz group would tie up with Marubeni on this big undertaking.
Chevron is unloading its geothermal assets in Indonesia and the Philippines with estimated value of $2.5 billion this month, industry sources said.
There are other groups from the Philippines interested, as we reported before.
In the Philippines, Chevron has a 40-percent interest in Philippine Geothermal Production Co. Inc. (PGPC), which develops and produces steam energy for third-party-owned and -operated Tiwi and Mak-Ban geothermal power plants in Southern Luzon with a combined generating capacity of 692 megawatts. The remaining 60 percent stake in PGPC is held by the Sy family of the SM group.
Chevron also has interest in the Kalinga geothermal prospect area in northern Luzon.
Source: Business Inquirer