AC Energy Holdings, Inc. , a wholly-owned subsidiary of Ayala Corporation, signed a share sale and purchase agreements with Chevron Global Energy Inc, Union Oil Company of California and relevant affiliates to by Chevron’s geothermal operations in Indonesia and the Philippines.

In a statement Friday, it said the closing of the deal is subject to “certain agreed conditions.” .

“In particular, for the acquisition of the Philippine asset, the closing is subject to obtaining certain consents and approvals, including the approval of the Philippine Competition Commission,” AC Energy said in a statement..

The Indonesia consortium consists of AC Energy (with 19.8 percent economic stake), Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd., and Electricity Generating Public Company Ltd. and the acquisition will be made through their joint venture company, Star Energy Geothermal (Salak-Darajat) B.V.

The Philippine consortium consists of AC Energy and Star Energy Group Holdings Pte. Ltd. and the acquisition will be made through their joint venture company, ACEHI-STAR Holdings, Inc.

“ This is a significant step towards attaining our goal of reaching 2000MW by 2020,” said John Eric Francia, president and chief executive officer, AC Energy Holdings, Inc.

In Indonesia, Chevron subsidiaries operate the Darajat and Salak geothermal fields in West Java, with a combined capacity of 235MW equivalent of steam and 402MW of electricity.

In the Philippines, company subsidiaries have a 40 percent equity interest in the Philippine Geothermal Production Company, Inc., which operates the Tiwi and Mak-Ban geothermal field in southern Luzon and supplies steam to power plants with a combined name plate capacity of around 700MW. DMS