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Philippines: Chevron and APC sign $300m development agreement

Philippines: Chevron and APC sign $300m development agreement Approaching Tinglayan, Kalinga, Philippines (source: Panoramio/ Valencerina clifton)
Alexander Richter 21 Nov 2010

Aragorn Power and Energy, subsidiary of Philippines' APC group and Chevron Kalinga sign $300m agreement for 100MW project in Kalinga province in the Philippines.

Reported by Reuters this week, Aragorn Power and Energy Corp, a subsidiary of a Philippines-based holindg company with a primary purpose in oil and gas exploration and development, and Chevron Kalinga Ltd, a wholly owned unit of U.S. company Chevron, are planning to develop and operate “steam fields that can generate around 100 MW in new capacity for the power grid of Luzon”, the Philippine’s main island.

This is the first major foreign investment into the Philippines’ renewable sector since the country’s Renewable Energy Act took effect in 2008.

Aragorn holds the geothermal exploration license in the province of Kalinga in the northern part of the Philippines. It also has a the option to take an equity position of up to 40% in the project.

Source: Reuters, more details on the project via Manila Standard