In April 2008, AES expanded into the Philippines, completing the $930 million purchase and transfer of assets of the 660 MW (gross) Masinloc coal-fired thermal power plant located in Zambales Province in Luzon.
This acquisition is a key component of AES’s strategy to invest in areas where there is a significant need for new capacity and offers the company an excellent entry point into the growing Philippine economy through one of the lowest cost thermal plants in the system. The Masinloc project 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 it has done through similar acquisitions in other parts of the world, the company expects to improve the overall efficiency and output of the existing plant, providing more reliable energy to the Philippine market.
Originally constructed in 1998, the plant uses coal from a variety of sources in the Pacific Rim. Through this acquisition, AES now operates the Philippines’ first privatized thermal plant.
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