Star Energy completes acquisition of Chevron?s geothermal assets
Monday, April 3 2017 - 02:45 AM WIB
A consortium-led by Indonesia?s PT Star Energy has officially become the owner of geothermal assets in Indonesia and the Philippines formerly belonging to Chevron Corp since April 1 after completing the acquisition transaction.
Star Energy President Director Rudy Suparman told Petromindo.com the consortium had late last month completed the payment of US$2.4 billion for the geothermal assets.
Star Energy Consortium signed late last year the 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.
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.
The acquisition is seen as 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.
Meanwhile, Kontan quoted Rudy as saying that following the acquisition of the ex-Chevron assets, Star Energy aims to develop geothermal projects in Lampung Province and in Halmahera, North Maluku Province.
Editing by Reiner Simanjuntak