Meralco, Aboitz eye 51% stake in Masinloc coal plant
US-based energy giant AES Corp. is unloading its 51-percent interest in the Masinloc coal-fired power plant in Zambales and Manila Electric Co. (Meralco) and the Aboitiz Group are interested.
Meralco president Oscar Reyes said his group would take a look at the power asset once the formal sale process has began.
Bilyonaryo Erramon Aboitiz, CEO of Aboitiz Power Corp. , said that his group had taken a shot at Masinloc plant when it was first sold by the Philippine government in 2008 as mandated by the Electric Power Industry Reform Act of 2001 (EPIRA).
AES acquired the power plant from government for $930 million. In 2014, it sold 40.95 percent of Masinloc Power Partners Co. Ltd., the plant’s holding company, to Thai power firm Electricity Generating Public Co. Ltd. (EGCO) and 8.05 percent to International Finance Corp. (IFC)
Currently, AES retains the majority controlling stake while EGCO secured 49 percent of the project after IFC sold its stake.
The Masinloc power plant has a capacity of 630-megawatts (MW) and has a 300-MW expansion underway.