MANILA (UPDATE) - Ayala Corp. is set to acquire geothermal assets of Chevron in the Philippines and Indonesia, the company said Friday.

Ayala unit AC Energy Holdings Inc. is part of a consortium that signed share sale and purchase agreements with Chevron Global Energy Inc., Union Oil Company of California and their relevant affiliates.

“This acquisition is a major milestone for AC Energy as this scales up our renewable energy platform and establishes our presence in Indonesia. This is a significant step towards attaining our goal of reaching 2000MW by 2020," said John Eric Francia, president and chief executive officer of AC Energy.

Ayala shares went down 1.12 percent to P708 following the announcement on Friday.

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

In the Philippines, Chevron units 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.

Chevron is selling assets, cutting jobs globally and slashing capital spending to save cash in a bid to preserve its dividend amid weak oil prices.

The amount of the transaction was not disclosed but Reuters reported earlier the assets at stake were valued at about $3 billion.

Two other Philippine companies, Energy Development Corp. and Aboitiz Power Corp., were in Chevron's shortlist of potential buyers, along with Japanese firms including Marubeni Corp. -- With Reuters