Aboitiz Power Expresses Interest in Chevron's Geothermal Assets

   By Cris Larano 
 

MANILA--Aboitiz Power Corp. (AP.PH) said Monday it is keenly interested in acquiring some of the geothermal assets of Chevron Corp., particularly those in the Philippines and Indonesia, that will be placed on the auction block.

Chevron's geothermal assets have been valued at around $3 billion. The U.S. oil company owns the Salak fields in Indonesia, which has an operating capacity of 377 megawatts. It also has a 40% stake in Philippine Geothermal Production Co., which develops and produces steam energy for the Tiwi and Mak-Ban geothermal power plants, with a combined capacity of 692 megawatts.

"We are always on the lookout for opportunities. I guess when that time comes, when the notice of offer is out, then probably that is something we will be looking out for," Erramon Aboitiz, chief executive of Aboitiz Power, said in a briefing. "At this point, we are waiting for formal advice," he added.

Aboitiz Power is looking to double its capacity to 4,000 megawatts by 2020. It has set aside 51.5 billion pesos ($1.1 billion) for capital expenditures this year, up from 34.4 billion pesos last year.

Write to Cris Larano at [e-mail]

(END) Dow Jones Newswires

May 16, 2016 07:07 ET (11:07 GMT)

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