In a global trend among energy companies, Chevron is looking to divest some assets to shore up finances amid weak oil prices. Aboitiz Power CEO Erramon Aboitiz said his company would look into the terms of the sale once they are released, likely by the end of this month.
Aboitiz Power could potentially be competing with bigger French and Japanese companies which were also keen on acquiring the assets, according to earlier reports.
Chief Operating Officer Antonio Moraza said Aboitiz Power would likely bid on its own for the Philippine assets, but it would seek a partner for the Indonesian projects.
Chevron has a 40% stake in Philippine Geothermal Production, which supplies steam energy to the 692 megawatt Tiwi-Makban geothermal power plants in southern Luzon, which are both owned by Aboitiz Power. In Indonesia, Chevron's geothermal projects generate around 650 MW of electricity. The assets were valued at around $3 billion.
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