AES Invests in Philippines Power Plant

US-based AES Corporation has completed its US$930m purchase and transfer of a power plant in the Philippines, in a move to exploit the country's growing economy.

AES says the 660MW Masinloc coal-fired thermal power plant, located in Luzon, can support an additional 600MW of generation capacity due to existing infrastructure.

"This acquisition is a key component of our strategy to invest in areas where there is a significant need for new capacity," says AES President and CEO Paul Hanrahan.

The total project cost is estimated at US$1,057m, including transaction costs and completion of a planned upgrade programme to improve environmental and operational performance, says AES.

By Ozge Ibrahim