Aboitiz Power Corporation has recently said in a disclosure to the Philippine Stock Exchange that it has secured a deal to co-develop a 110-megawatts (MW) geothermal plant with PT Medco Power Indonesia (MPI).
AboitizPower said its wholly-owned Singapore-based subsidiary AboitizPower International Pte. Ltd. entered into an agreement with MPI to collaborate in the exploration and development of a potential 2×55 MW greenfield geothermal plant in East Java Province, Indonesia. The project company for the geothermal plant will be PT Medco Cahaya Geothermal.
MPI is currently owned by two Indonesian firms, Saratoga Power, which is the largest national listed energy company in Indonesia, and Medco Energi Internasional Tbk (MEI), owned by Saratoga Capital, is the biggest Indonesian investment funds with ownership in Coal Mining, Power Generation, Foods, and Airlines Business.MPI is active worldwide in exploration and production of oil and gas as well as the downstream businesses.
PT Medco Cahaya was already awarded with the concession to develop the project and is currently in the resource validation and exploration stage.