US player Chevron has sold its geothermal assets in Indonesia and the Philippines to a consortium of local companies, including AC Energy - a player backed by Philippine conglomerate Ayala.
The deal, which includes all Chevron operated geothermal projects in the region, has been valued at $3 billion by local media.
AC Energy, a wholly-owned subsidiary of Ayala, is part of the Indonesian and Philippines groups of companies that have signed a share sale and purchase agreement for Chevron’s assets.
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