Aboitiz Power backs out of geothermal project in Indonesia

It was supposedly for the development of 2x55MW geothermal plants.

Amidst a string of deals signed almost consecutively, Aboitiz Power announced that it is making an exit from a power plant deal in Indonesia so it can focus more on its other existing projects.

Its partner, PT Medco Power Indonesia, will be proceeding with the exploration and development of a potential 2x55MW geothermal power plant in Ijen, East Java Province.

"AboitizPower has decided that it will focus and allocate its resources for other ongoing and pipeline projects," Aboitiz assistant corporate secretary Mailene de la Torre said in its disclosure in the Philippine Stock Exchange.

The agreement was signed in September 2015.