Star Energy acquires Chevron?s geothermal assets in RI, Philippines

Star Energy Consortium has signed share sale and purchase agreements with Chevron Global Energy Inc, Union Oil Company of California and their relevant affiliates for the purchase of Chevron's geothermal operations in Indonesia and Philippines.

The company announced in its press release on Friday that the agreements were signed on Dec. 22, 2016. The transaction is a major step for Star Energy Group to become one of the biggest geothermal operators in the world and to achieve its vision of becoming the geothermal operator of at least 600 MW in 2028.

Star Energy Consortium includes Star Energy Group Holdings, Star Energy Geothermal, AC Energy (Affiliates of Ayala Group in Philippines) and EGCO (from Thailand). For the acquisition of Chevron geothermal operations in Indonesia, Star Energy Group Holdings and Star Energy Geothermal hold majority ownership (68.31), followed by AC Energy (19.3 percent) and EGCO (11.89 percent).

Chevron?s major geothermal assets in Indonesia include Salak and Darajat geothermal fields, which generate 413 MW geothermal and supply 275 MW of steam. Chevron?s geothermal assets in Philippines include Tiwi-Makban geothermal field which is currently producing approximately 326 MW of steam.

Editing by Benget Besalicto ST.