AES subsidiary commits to pay Masinloc bond
Masinloc Power Partners Co. Ltd. yesterday said it will deliver the performance bond equivalent to 2 percent of its winning bid price of $930 million for the 600-megawatt Masinloc coal-fired power plant in Zambales next month.
Masinloc Power received a certificate of effectivity on the sale of the power plant in Zambales from Power Sector Assets and Liabilities Management Corp.
PSALM handed the certificate to Masinloc Power, a unit of the AES Group of the US, two weeks after it issued the notice of award on Aug. 14.
Masinloc Power is required to deliver the performance bond to PSALM within 10 days after receiving the certificate.
PSALM also issued the final transaction documents for the sale of the Masinloc facility, including the asset purchase agreement and the land lease agreement. The documents were signed by PSALM president and chief executive Jose Ibazeta on Aug. 22.
A statement said PSALM and Masinloc Power are expected to complete their documentary requirements within 60 days from the effective date for the closing of the transaction.
Ibazeta expressed confidence that the Masinloc power facility would be operated efficiently.
“We’ll be working in the next two months to close the transaction and operate the plant as if it was built yesterday,” said Masinloc Power representative Matthew Bartley.
Masinloc Power is a limited partnership established in the Philippines to invest in and hold power production and electric generating facilities in the country. Its parent company, AES Corp., is listed in the New York Stock Exchange.
Masinloc Power on July 26 posted the highest offer of $930 million for the Zambales-based power facility. All bid prices exceeded the $650-million price ceiling set by the government. Alena Mae S. Flores - Manila Standard Todat
Masinloc Power received a certificate of effectivity on the sale of the power plant in Zambales from Power Sector Assets and Liabilities Management Corp.
PSALM handed the certificate to Masinloc Power, a unit of the AES Group of the US, two weeks after it issued the notice of award on Aug. 14.
Masinloc Power is required to deliver the performance bond to PSALM within 10 days after receiving the certificate.
PSALM also issued the final transaction documents for the sale of the Masinloc facility, including the asset purchase agreement and the land lease agreement. The documents were signed by PSALM president and chief executive Jose Ibazeta on Aug. 22.
A statement said PSALM and Masinloc Power are expected to complete their documentary requirements within 60 days from the effective date for the closing of the transaction.
Ibazeta expressed confidence that the Masinloc power facility would be operated efficiently.
“We’ll be working in the next two months to close the transaction and operate the plant as if it was built yesterday,” said Masinloc Power representative Matthew Bartley.
Masinloc Power is a limited partnership established in the Philippines to invest in and hold power production and electric generating facilities in the country. Its parent company, AES Corp., is listed in the New York Stock Exchange.
Masinloc Power on July 26 posted the highest offer of $930 million for the Zambales-based power facility. All bid prices exceeded the $650-million price ceiling set by the government. Alena Mae S. Flores - Manila Standard Todat
Labels: Aboitiz Power Corp, aes transpower, masinloc, psalm, zambales
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