Masinloc plant paid in full

AES Corp. of the US on April 16 paid $930 million in full to complete its acquisition of the 600-megawatt Masinloc coal-fired power plant in Zambales. Matthew Bartley, AES Philippines chief executive, said his company plans to increase its power generation portfolio in the Philippines by bidding for the other assets of the National Power Corp. "We offered a bid for Tiwi-Makban. We haven't got geo and we're very interested to add that to our portfolio," Bartley said at the office of Power Sector Assets and Liabilities Management (PSALM) Corp. AES and International Finance Corp., which holds an 8-percent stake, raised the $930-million to buy the plant. Bartley said that AES would start securing permits to pave the way for the expansion of the Masinloc facility by an additional 600 megawatts. PSALM president Jose Ibazeta said proceeds of the payment would go to the liquidation of Napocor’s debts, as specified in the Electric Power Industry Reform Act of 2001.

in Manila Standard Today by Alena Mae S. Flores
April 17, 2008
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