Star Energy Closes Deal for Chevron's Salak, Darajat Geothermal Plants (Jakarta Globe)
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.
Chevron closed the deal for Indonesian assets on March 31, and it will appear in the company's first quarter financial report, Chevron's upstream executive vice president Jay Johnson said in a statement on Saturday (15/04).
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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