Masinloc plant paid in full
AES Corp. of the US yesterday paid $930 million in full to complete its acquisition of the 600-megawatt Masinloc coal-fired power plant in Zambales province and committed to expand operations in the Philippines.
Matthew Bartley, AES Philippines chief executive, told reporters at the sidelines of the turnover ceremonies that his company planned to increase its power generation portfolio in the Philippines by bidding for the other assets of 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 Corp.
PSALM will bid out the 747-MW Tiwi-MakBan geothermal power complex by June 4. It scheduled the second pre-bid conference by next week.
“We are looking at hydros as well. We want to have a balance of baseload and peaking plants,” the AES executive said.
AES and International Finance Corp., which holds an 8 percent stake, raised the $930-million financing for the plant. The funding included $635 million in secured non-recourse financing comprising of a $240-million 18-year facility from IFC, a $200-million, 15-year facility from the Asian Development Bank and a $195-million, 10-year facility from a consortium of banks, including ING Bank, Security Bank, Bank of the Philippine Islands and Rizal Commercial Banking Corp.
The three local banks also provided unsecured working capital facilities worth $35 million.
Bartley assured that AES would start securing permits that will pave the way for the expansion of the Masinloc facility by an additional 600 MW.
He reiterated that the company would infuse an additional $1 billion to expand the plant’s capacity and another $45 million to upgrade and make it more efficient.
“The impressive local and international group of commercial and multilateral lenders reflects not only the strong fundamentals of the project but also demonstrates the strength of the project finance market in Asia,” Mark Woodruff, AES executive vice president, said.
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.
Ibazeta said the $930 million was part of PSALM’s total target privatization proceed of $1.9 billion this year. Last year, PSALM raised about $500 million from the privatization of Napocor’s plants.
“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 similar acquisitions in the other parts of the world, we expect to improve overall efficiency and output of the existing plant, providing more reliable energy to the Philippine market,” AES president and chief executive Paul Hanrahan said. By Alena Mae S. Flores - Manila Standard Today
Matthew Bartley, AES Philippines chief executive, told reporters at the sidelines of the turnover ceremonies that his company planned to increase its power generation portfolio in the Philippines by bidding for the other assets of 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 Corp.
PSALM will bid out the 747-MW Tiwi-MakBan geothermal power complex by June 4. It scheduled the second pre-bid conference by next week.
“We are looking at hydros as well. We want to have a balance of baseload and peaking plants,” the AES executive said.
AES and International Finance Corp., which holds an 8 percent stake, raised the $930-million financing for the plant. The funding included $635 million in secured non-recourse financing comprising of a $240-million 18-year facility from IFC, a $200-million, 15-year facility from the Asian Development Bank and a $195-million, 10-year facility from a consortium of banks, including ING Bank, Security Bank, Bank of the Philippine Islands and Rizal Commercial Banking Corp.
The three local banks also provided unsecured working capital facilities worth $35 million.
Bartley assured that AES would start securing permits that will pave the way for the expansion of the Masinloc facility by an additional 600 MW.
He reiterated that the company would infuse an additional $1 billion to expand the plant’s capacity and another $45 million to upgrade and make it more efficient.
“The impressive local and international group of commercial and multilateral lenders reflects not only the strong fundamentals of the project but also demonstrates the strength of the project finance market in Asia,” Mark Woodruff, AES executive vice president, said.
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.
Ibazeta said the $930 million was part of PSALM’s total target privatization proceed of $1.9 billion this year. Last year, PSALM raised about $500 million from the privatization of Napocor’s plants.
“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 similar acquisitions in the other parts of the world, we expect to improve overall efficiency and output of the existing plant, providing more reliable energy to the Philippine market,” AES president and chief executive Paul Hanrahan said. By Alena Mae S. Flores - Manila Standard Today
Labels: aes, masinloc, power plant, zambales
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