Ayala to acquire stake in Chevron assets in Philippines, Indonesia

Ayala to acquire stake in Chevron assets in Philippines, Indonesia

Ayala Corp. is set to acquire geothermal assets of Chevron in the
Philippines and Indonesia, the company said Friday.

Ayala unit AC Energy Holdings Inc. is part of a consortium that signed share
sale and purchase agreements with Chevron Global Energy Inc., Union Oil
Company of California and their relevant affiliates.

Chevron subsidiaries operate the Darajat and Salak geothermal fields in
Indonesia, with a combined capacity of 235MW equivalent of steam and 402MW
of electricity.

In the Philippines, Chevron units have a 40 percent equity interest in the
Philippine Geothermal Production Company Inc., which operates the Tiwi and
Mak-Ban geothermal field in Southern Luzon and supplies steam to power
plants with a combined name plate capacity of around 700MW.

"This acquisition is a major milestone for AC Energy as this scales up our
renewable energy platform and establishes our presence in Indonesia. This is
a significant step towards attaining our goal of reaching 2000MW by 2020,"
said John Eric Francia, president and chief executive officer of AC Energy.
The amount of the transaction was not disclosed.

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Link to Original Article:
http://news.abs-cbn.com/business/12/23/16/ayala-to-acquire-stake-in-chevron-
assets-in-ph-indonesia

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com