<article>Diversified conglomerate <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Ayala+Corp" target="_blank">Ayala Corp</a> through its power unit <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=AC+Energy" target="_blank">AC Energy Holdings Inc</a> has acquired stakes in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=chevron" target="_blank">Chevron&#8217;s</a> geothermal assets.</article>

Diversified conglomerate <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Ayala+Corp" target="_blank">Ayala Corp</a> through its power unit <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=AC+Energy" target="_blank">AC Energy Holdings Inc</a> has acquired stakes in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=chevron" target="_blank">Chevron&#8217;s</a> geothermal assets.
Ayala earlier disclosed that as part of an Indonesian consortium and a Philippine consortium, AC Energy signed a share sale and purchase agreements with Chevron Global Energy Inc, Union Oil Company of California, and their relevant affiliates or collectively Chevron, for the purchase of Chevron’s geothermal operations in Indonesia and the Philippines.
Financial details were not disclosed.
AC Energy president and CEO John Eric Francia described the development as a significant step towards attaining the company&#8217;s goal of reaching 2000MW by 2020.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-petron-acquires-san-miguel-power-plant-for-400m-61299/" target="_blank">Philippines: Petron buys San Miguel power plant for $400m</a>
&#8220;This acquisition is a major milestone for AC Energy as this scales up our renewable energy platform and establishes our presence in Indonesia,&#8221; Francia said.
The Indonesia consortium consists of AC Energy with 19.8 per cent economic stake, Star Energy Group Holdings Pte Ltd, Star Energy Geothermal Pte Ltd, and Electricity Generating Public Company Ltd, and the acquisition will be made through their joint venture company, Star Energy Geothermal (Salak-Darajat) BV.
However, the Philippine consortium consists of AC Energy and Star Energy Group Holdings Pte Ltd, and the acquisition will be made through their joint venture company the ACEHI-STAR Holdings Inc.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-ayalas-ac-energy-acquires-controlling-stake-in-northwind-power-58918/" target="_blank">Philippines: Ayala unit takes controlling stake in NorthWind Power</a>
In Indonesia, Chevron subsidiaries operate the Darajat and Salak geothermal fields in West Java, with a combined 
capacity of 235MW equivalent of steam and 402MW of electricity.
In the Philippines, company subsidiaries have a 40 per cent equity interest in the Philippine Geothermal Production Company, Inc., which operates the Tiwi and MakBan geothermal field in Southern Luzon and supplies steam to power plants with a combined name plate capacity of around 700MW.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-ayala-unit-doubles-energy-investment-at-1-6b-55993/" target="_blank">Philippines: Ayala unit doubles energy investment at $1.6b</a>
Clifford Chance Pte Ltd acted as the lead transaction counsel to the Consortium. Credit Suisse acted as the Sole Financial Advisor and Joint Financier to the Consortium. BPI and DBS acted as lead coordinators for the debt financing.
&#8220;The closing of the transaction is made subject to the satisfaction of certain agreed conditions. In particular, for the acquisition of the Philippine asset, the closing is subject to obtaining certain consents and approvals, including the approval of the Philippine Competition Commission,&#8221; Ayala said in its statement.
As Ayala group&#8217;s development arm in the energy sector, AC Energy is building a portfolio of power generation assets using renewable and conventional technologies.
Also Read:
<a href="http://www.dealstreetasia.com/stories/ongc-united-energy-said-to-vie-for-2-billion-chevron-asset-55409/" target="_blank">India’s ONGC, HK-listed United Energy said to vie for $2b Chevron’s Bangladesh asset</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-dpc-investing-18-3m-in-new-power-plant-58237/" target="_blank">Philippines: DPC investing $18.3m in new power plant</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-aboitizpower-to-pay-blackstones-sithe-1-2b-in-gnpower-deal-54678/" target="_blank">Philippines: AboitizPower to pay Blackstone $1.2b in GNPower deal</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-alsons-power-invest-650m-renewable-energy-projects-sets-new-subsidiary-31694/" target="_blank">Philippines: Alsons Power to invest $650m in renewable energy projects, sets up new subsidiary</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/adb-backs-225m-first-asian-climate-bond-deal-in-philippines-32637/" target="_blank">ADB-AboitizPower ink $225m landmark Asian climate bond deal for Philippine energy project</a>

Philippines: Ayala's AC Energy acquires Chevron’s geothermal assets

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Philippines: Ayala's AC Energy acquires Chevron’s geothermal assets

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief