Thai participation in acquisition of Chevron geothermal assets in Indonesia

Thai participation in acquisition of Chevron geothermal assets in Indonesia

With an ownership stake in the Wayang Windu geothermal plant in Indonesia,
and the participation in the acquisition of geothermal assets in Indonesia
by Chevron, Thai firm EGCO Group continues its international investment
strategy.

EGCO Group the first independent power producer in Thailand recently
published its annual results for 2016 with an insight into the company's
investment in international businesses, among them its participation in the
recent sale of the geothermal assets of Chevron in Indonesia and the
Philippines.

The company started investing in Indonesia in 2014, holding a 20% indirect
ownership interest in Star Energy Geothermal Pte. Ltd., the operator of the
227 MW Wayang Windu geothermal power plant.

In December 2016, the affiliate of EGCO Group, Star Energy Group Holdings
Pte. Ltd., and AC Energy Holdings, Inc. entered into Share Sales and
Purchase Agreements to acquire shares from Chevron's affiliates in "Salak"
and "Darajat" geothermal power plants in Indonesia. Among the Consortium,
EGCO Group will hold 20.07% indirect ownership interest in the Project. The
share transfer is expected to be completed in the first quarter of 2017.

"Salak" and "Darajat" geothermal power plants are located in West Java
province, Java island, Indonesia and composed of several geothermal steam
and electricity generating units with the aggregate capacity of 402 MW of
electricity and 235 MW equivalent of steam. The power plants have secured
long-term energy sales contracts with PT PLN (Persero), the Indonesian
government-owned electricity corporation.

"The acquisition fulfills our business plan in enhancing EGCO Group's
presence in Indonesia which we have existing business, and in line with our
strategic directions to pursue investment opportunities in asia pacific
region" added Mr. Chanin.

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

Link to Original Article:
http://www.thinkgeoenergy.com/thai-participation-in-acquisition-of-chevron-g
eothermal-assets-in-indonesia/

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com