A consortium led by Star Energy, a utility subsidiary of Indonesia's largest petrochemical group Barito Pacific, has completed the $2.3 billion acquisition of two geothermal power plants from global energy giant Chevron.
The transaction is part of a $3 billion takeover of three Chevron's geothermal assets in Indonesia and the Philippines. The 370-megawatt power plant in Mount Salak in Bogor, West Java, and 240-megawatt geothermal power plant Darajat in Garut, West Java.
The consortium will also buy from Chevron a 40 percent stake in 326-megawatt Tiwi Makban geothermal plant in the Philippines — the closing is expected to take place by the end of 2017.
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