Aboitiz expanding in Indonesia
Aboitiz Power Corp., a unit of Aboitiz Equity Ventures Inc., is expanding its overseas projects in Indonesia to include a 127-megawatt hydro power station with two joint venture partners.
Aboitiz Power disclosed Tuesday it signed an agreement with SN Power AS and PT Energi Infranusantara to participate in the feasibility studies for the exploration and development of a potential 127-MW hydropower generation project along the Lariang River in Central Sulawesi, Indonesia.
PT Auriga Energi, the project company that received the basic license to develop the project, is currently conducting pre-feasibility studies.
“It’s a good opportunity. Indonesia has large demand for energy. Because the country is so big they have many possible sites for hydro,” Aboitiz Power president and chief operating officer Antonio Moraza said.
Aboitiz Power also recently announced it formed a joint venture to build a 110-MW greenfield geothermal power plant in East Java province in Indonesia.
Aboitiz Power said 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,” Moraza said earlier, 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 conducting pre-development works on the Negron-Cuadrado geothermal prospect in Zambales and Pampanga.
Unit AP Renewables owns the 289-MW Tiwi geothermal plant in Albay and the 458.53 Makban geothermal facility in Laguna and Batangas, after acquiring the plants from the government in an auction for $446.8 million.
Philippine Geothermal Production Co., the joint venture of Chevron Geothermal Inc. of the US 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.