MANILA, Philippines – Aboitiz Power Corporation (AboitizPower) is partnering with an Indonesian geothermal power producer to undertake a project.
AboitizPower told the stock exchange Monday, September 21, that its wholly-owned Singapore-based subsidiary, AboitizPower International Pte Ltd, entered into an agreement with PT Medco Power Indonesia to participate in the exploration and development of a potential greenfield geothermal plant in East Java Province.
PT Medco Cahaya Geothermal, the project company, as the subsidiary of PT Medco Power Indonesia, was awarded the concession to develop the project and is currently in the resource validation and exploration stage.
AboitizPower CEO Erramon Aboitiz earlier said the power firm is looking at opportunities abroad, particulalry in Southeast Asia and the Pacific.
“We’re willing to look at opportunities abroad. We’re looking at Papua New Guinea and opportunities in Indonesia. We’re still firming this up,” he said earlier.
He added then that geothermal power is interesting for the power firm. “We’re looking at geothermal, hydropower, etc. We’re talking to some partners. Our preference is not greenfield (projects),” Aboitiz added.
AboitzPower targets to put up 2,000 megawatts (MW) of additional power capacity in the next 5 years. It has programmed P125 billion ($2.69 billion) to achieve this target.
AboitizPower is also keen on more renewable projects. It hopes to add solar energy to its portfolio to supplement its hydroelectric and geothermal projects.
Aboitiz Renewables Incorporated (ARI) earlier signed a deal with SunEdison Philippines Helios BV (SunEdison) to formalize their partnership via a joint venture company, Maaraw Holdings, which is 60% owned by ARI. (READ: AboitizPower, SunEdison to develop solar energy projects)
Maraw Holdings will undertake the acquisition, development, and exploration of the 59-MW solar photovoltaic power generation project in San Carlos City, Negros Occidental.
In November 2014, Aboitiz said ARI and SunEdison will develop up to 300 MW of solar energy in the country over the next 3 years. – Rappler.com
$1 = P46.47
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