ACEN Corp., the energy arm of the Ayala Group, said Thursday that its subsidiary ACEN Renewables International Pte Ltd. has completed the sale of a minority stake in a Dutch company that has interests in a geothermal power plant in Indonesia.
ACEN said ACRI sold its shares representing 24.24 percent of the outstanding capital stock of ACEHI Netherlands B.V. to Star Energy Oil & Gas Pte Ltd. to rationalize ownership in the Indonesia geothermal facility.
ACEHI Netherlands is a Dutch holding company that has a 19.8 percent ownership in the Salak and Darajat geothermal complex in Indonesia. The Salak and Darajat geothermal power plants
in West Java have a combined capacity of 655.5 megawatts.
SEOG is part of the Star Energy group, which is ACEN’s current partner for the Salak and Darajat geothermal power plants in Indonesia.
With this sale by ACRI of shares in ACEHI Netherlands, ACEHI Netherlands has become a jointly controlled entity by ACRI and SEOG.
Financial details of the transaction weren’t disclosed.
