Aboitiz Power Corp. announced thatÂ it has entered into an agreement with PT Medco Power Indonesia to join in the exploration and development of a potential 110 MWÂ greenfield geothermal plant in East Java Province, Indonesia.
Aboitiz Power reported to the Philippine Stock Exchange it has signed the agreement under its wholly-owned Singapore-based subsidiary, AboitizPower International Pte. Ltd.
The company said Â the concession of the project was awarded to PT Medco Cahaya Geothermal, the subsidiary of PT Medco Power Indonesia, and is now in the resource validation and exploration stage, but denied to give a project cost.
The company last year announced its interest to participate in power projects outside the country with Vietnam and Myanmar as possible locations aside from Indonesia.
Aboitiz Power also recently reported that its 150 MW first phase coal-fired power plant in Mindanao went online and is now supplying power to major cities of Davao, Cagayan de Oro, General Santos, Butuan, Kidapawan, Cotabato and Tagum as well as the provinces of Caraga, Cotabato, Sultan Kudarat, Sarangani and parts of Bukidnon, Misamis and Zamboanga peninsula.
Other ongoing projects headed by the company involve a P3.9-billion Negros Occidental-based 59 MW solar project as well as hydroelectric plants such as the 45 MW Nalatang in Benguet and the 68 MW Manolo Fortich in Bukidnon.
The Aboitiz group also committed to build additional 2,000 MW of capacity in the next five years as it allotted a total of P52 billion capital expenditure for its power projects. It currently has a total power portfolio of 3,044 MW coming from ventures in coal, geothermal, hydro power and oil-based power plants.
Originally from Malaya Business Insight