Aboitiz Power pulls out from RI power generation project
Wednesday, February 1 2017 - 04:35 AM WIB
Philippines? Aboitiz Power Corporation announced it has decided to exit from a greenfield geothermal exploration and development project of its wholly owned Singapore-based subsidiary, Aboitiz Power International Pte. Ltd. (AP Intl), in Ijen, East Java Province.
AP Intl entered into an agreement with PT Medco Power Indonesia to participate in the exploration and development of a potential 2x55 MW geothermal power plant in September 2015.
?Aboitiz Power has decided that it will focus and allocate its resources for other ongoing and pipeline projects and has agreed to step aside to allow its partner to proceed with the project,? the company said in a statement on Tuesday without providing further details.
Editing by Reiner Simanjuntak