Aboitiz Power leaves Indonesia energy project
January 31, 2017
Aboitiz Power Corp. has decided to exit from the 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, Indonesia, a disclosure to the Philippine Stock Exchange said Tuesday.
The company “has agreed to step aside to allow its partner to proceed with the project,” the disclosure said.
AP Intl entered into the 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 said.
Aboitiz Power said it “ will focus and allocate its resources for other ongoing and pipeline projects.” DMS
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