Masinloc owners assure consumers of better services
ZAMBALES -- New owners of the 600-megawatt (mW) Masinloc coal-fired power facility said their consumers would have an efficient, reliable and cheap electricity rates.
Paul Hanrahan, president and chief executive office (CEO) of US-based AES Corporation, said they consider the acquisition of Masinloc an "excellent entry point" to the Philippine market since they had been wanting for a long time to have presence in the country.
"This is a particularly attractive investment because the existing facility has the infrastructure in place to allow AES to add an additional 600 MW of generation capacity. As AES has done through similar acquisitions in other parts of the world, we expect to improve the overall efficiency and output of the existing plant, providing more reliable energy to the Philippine market," Hanrahan said.
The 660-MW (gross) Masinloc coal-fired thermal power plant is located in Barangay Bula, Zambales.
Hanrahan said at least 60 percent of the electricity generated at the Masinloc plant will be sold to electric distribution companies, cooperatives and special economic zones via power supply contracts of various tenors in place at the plant turnover.
On the other hand, the remaining capacity will be sold through the wholesale power pool or under new contracts.
Last April 16, AES and its eight percent minority partner International Finance Corporation (IFC) fully settled the US$930 million purchase price.
The full payment includes transaction costs and completion of a planned upgrade program to improve environmental and operational performance, the total project cost is estimated at US$1.057 million.
According to Hanrahan, the transaction funding included US$635 million in secured non-recourse financing comprised of a US$240 million, 18-year facility from IFC; a US$200 million, 15-year facility from Asian Development Bank (ADB); and a US$195 million, 10-year facility from a consortium of banks including ING Bank, Security Bank, Bank of Philippine Islands (BPI) and Rizal Commercial Banking Corporation (RCBC).
In addition, over US$30 million of unsecured working capital facility commitments have been obtained from three local banks.
AES has been operating in Asia since 1994. Today, AES' businesses in the region include electric utilities and generation facilities in China, India, Jordan, Oman, Pakistan, Qatar and Sri Lanka. It has more than 5,000 MW of generation capacity in the region. (MSN/Sunnex)
Paul Hanrahan, president and chief executive office (CEO) of US-based AES Corporation, said they consider the acquisition of Masinloc an "excellent entry point" to the Philippine market since they had been wanting for a long time to have presence in the country.
"This is a particularly attractive investment because the existing facility has the infrastructure in place to allow AES to add an additional 600 MW of generation capacity. As AES has done through similar acquisitions in other parts of the world, we expect to improve the overall efficiency and output of the existing plant, providing more reliable energy to the Philippine market," Hanrahan said.
The 660-MW (gross) Masinloc coal-fired thermal power plant is located in Barangay Bula, Zambales.
Hanrahan said at least 60 percent of the electricity generated at the Masinloc plant will be sold to electric distribution companies, cooperatives and special economic zones via power supply contracts of various tenors in place at the plant turnover.
On the other hand, the remaining capacity will be sold through the wholesale power pool or under new contracts.
Last April 16, AES and its eight percent minority partner International Finance Corporation (IFC) fully settled the US$930 million purchase price.
The full payment includes transaction costs and completion of a planned upgrade program to improve environmental and operational performance, the total project cost is estimated at US$1.057 million.
According to Hanrahan, the transaction funding included US$635 million in secured non-recourse financing comprised of a US$240 million, 18-year facility from IFC; a US$200 million, 15-year facility from Asian Development Bank (ADB); and a US$195 million, 10-year facility from a consortium of banks including ING Bank, Security Bank, Bank of Philippine Islands (BPI) and Rizal Commercial Banking Corporation (RCBC).
In addition, over US$30 million of unsecured working capital facility commitments have been obtained from three local banks.
AES has been operating in Asia since 1994. Today, AES' businesses in the region include electric utilities and generation facilities in China, India, Jordan, Oman, Pakistan, Qatar and Sri Lanka. It has more than 5,000 MW of generation capacity in the region. (MSN/Sunnex)
Labels: aes, coal fired plant, masinloc
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