AES to double it's 600MW Masinloc I coal-fired power plant in the Phillipines

Source: The AES Corporation 

The AES Corporation (NYSE:AES) announced that it has commenced development on the expansion of its Masinloc power generation facility, which would represent an infrastructure investment of up to $800 million. It is anticipated that the expansion project will be funded with a combination of non-recourse financing and equity. Paul Hanrahan, AES President and CEO, met with Philippine President Benigno Simeon Aquino III and Energy Secretary Jose Rene Almendras on September 22 to discuss AES’ plan to double the size of its 660 MW Masinloc I coal-fired power plant. 

“Based on our experience to date, the Philippine economy continues to show significant levels of growth which requires new low-cost electric generation capacity. Our Masinloc I facility was built in a way that included much of the critical infrastructure for the expansion unit, allowing us to provide one of the lowest cost alternatives for capacity expansion. We look forward to continuing our work within the Philippine power sector to help meet its growing demand for electricity,” said Mr. Hanrahan. 

Through its acquisition of the 660 MW Masinloc I facility in the Central Luzon region in 2008, AES became the largest foreign investor in the country’s power sector. The Philippine economy is projected to grow at an average of over five percent year over year through 2015, with demand for electricity set to grow five percent through the same period. As a result of capital investment and operational improvements, AES increased Masinloc’s capacity from 450 MW to 630 MW, improved availability from 50 percent to 74 percent and increased net production by 62 percent within two years. AES also improved the plant’s environmental performance, lowering emissions levels so that they are in compliance with World Bank standards. The Masinloc II project would leverage the existing infrastructure, transmission interconnection and AES’ operating experience in the Philippines. 

AES currently employs more than 200 people at the Masinloc facility, with the majority of the management team drawn from the Philippines. AES has an ongoing commitment to the communities surrounding Masinloc, where it supports educational and health initiatives by offering scholarships and sponsoring health care services. To help its customers, such as the Rural Cooperatives Management, strengthen its operations, AES is sponsoring a variety of management seminars including Corporate Governance, Customer Service and Communication Strategies, and Financial Management.

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