3 April 2017 — AC Energy Holdings, Inc., a wholly-owned subsidiary of Ayala Corporation, and as part of an Indonesian consortium, completed the purchase and acquisition of Chevron’s geothermal assets and operations in Indonesia. The Indonesia consortium consists of AC Energy (with 19.8% economic stake), Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd., and Electricity Generating Public Company Ltd. and the acquisition was made through their joint venture company, Star Energy Geothermal (Salak-Darajat) B.V. The Indonesia assets and operations include the Darajat and Salak geothermal fields in West Java, Indonesia, with a combined capacity of 637MW of steam and power.

AC Energy is the Ayala Group’s business arm in the energy sector, with investments in renewable energy and conventional power plants. AC Energy is a fast growing regional energy platform with development, operations and retail supply capabilities.