Aboitiz unit cancels Indonesian venture

Aboitiz Power Corp. said Tuesday it withdrew from the greenfield geothermal exploration and development project of wholly-owned Singapore-based subsidiary Aboitiz Power International Pte. Ltd. in Ijen, East Java, Indonesia.

“Aboitiz Power has decided that it will focus and allocate its resources for other ongoing and pipeline projects and has agreed to step aside to allow its partner to proceed with the project,” Aboitiz Power said in a disclosure to the stock exchange.

Aboitiz Power International earlier signed an agreement with PT Medco Power Indonesia to participate in the exploration and development of a potential 110-megawatt geothermal power plant in September 2015, which would have been the company’s first international venture.

Aboitiz Power, however, said it would still pursue a 127-MW hydropower generation project with SN Power AS and PT Energi Infranusantara along the Lariang River in Central Sulawesi, Indonesia.

Topics: Aboitiz Power Corp. , greenfield geothermal exploration , Aboitiz Power International Pte. Ltd. , Indonesian venture
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