Tuesday, November 15, 2016

Philippines: Five Firms Shortlisted to Take-Over Chevron's Geothermal Assets

Energy Development : EDC bids for Chevron geothermal assets (4-traders)

Energy Development Corp. has submitted its bid for Chevron's geothermal assets located in the Philippines and Indonesia.

'There's discussions going on between the bidders and Chevron. We were one of those shortlisted, five out of seven,' EDC chief financial officer Nestor Vasay told reporters in an interview.

In the Philippines, Chevron holds a 40-percent stake in Philippine Geothermal Production Company Inc., which produces steam energy for third party-owned geothermal power plants that could produce a capacity of 692 megawatts (MW).

The Indonesian assets, on the other hand, include two subsidiaries with geothermal projects with a potential capacity of around 650 MW.

Vasay noted there was no floor price for the assets yet, but earlier reports bared the assets cost USD3 billion. The renewable-energy firm submitted its bid last October 31.

The other parties bidding for the geothermal assets are a joint-venture between local-firm Aboitiz Power Corp. and Japanese-firm Marubeni, Philippine-conglomerate Ayala Corp. and a Japanese partner and Indonesian-firm Medco Power.