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Aboitiz Power goes to Indonesia

Aboitiz Power Corp. has formed a joint venture to build a 110-megawatt greenfield geothermal power plant in East Java province in Indonesia.

Aboitiz Power said in a disclosure to the stock exchange Monday wholly-owned Singapore-based subsidiary Aboitiz Power International Pte. Ltd. signed an agreement with PT Medco Power Indonesia to participate in the exploration and development of a potential 110-MW plant.

“It is our first international power venture,” Aboitiz Power president and chief operating officer Antonio Moraza said when asked for comment, adding the company would take a 49-percent stake in the project.

Aboitiz Power chairman Erramon Aboitiz told reporters earlier the company was looking at opportunities for geothermal and hydro power projects abroad.

“We are looking abroad. We looked at PNG [Papua New Guinea]. We are also looking at different opportunities in Indonesia,” Aboitiz said.

“We’re looking at different sources. We are looking at geothermal, hydro,” he said.

Aboitiz Power is also expanding its geothermal portfolio in the Philippines.

Its subsidiary AP Renewables Corp. is presently conducting pre-development works on the  Negron-Cuadrado geothermal prospect in Zambales and Pampanga.

AP Renewables currently owns the 289-MW Tiwi geothermal plant in Albay and 458.53 Makban geothermal facility in Laguna and Batangas, after acquiring the plants from the government for $446.8 million.

Philippine Geothermal Production Co., the joint venture of US firm Chevron Geothermal Inc. and SM Investments Corp. operates the steam fields that power the Tiwi-Makban power facilities.

Aboitiz Power plans to raise its power generation capacity to 4,000 MW by 2019 from over 2,000 MW to date.

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