Philippine property to banking conglomerate Ayala Corp said, two groups of companies in which its energy unit has stakes will acquire Chevron's geothermal assets in Indonesia and the Philippines, earlier valued at $3 bn.
Ayala, owned by one of the Philippines' richest clans, is looking to expand its power generation business and is aiming to boost capacity to up to 2,000 megawatts by 2020, double a previous plan. It would be its first investment in Indonesia's power sector.
AC Energy Holdings Inc, as part of the Indonesian and Philippine groups of companies, has signed share sale and purchase agreements with the Chevron group composed of Chevron Global Energy Inc, Union Oil Company of California and their affiliates, Ayala said in a statement. Ayala did not disclose the acquisition price but Reuters reported earlier the assets at stake were valued at about $3bn.
Chevron is selling assets, cutting jobs globally and slashing capital spending to save cash in a bid to preserve its dividend amid weak oil prices.
