Thai independent power producer EGCO has completed the acquisition of a 41 per cent stake in the 630 MW Masinloc coal fired power plant in the Philippines.
EGCO, Thailand's second-largest private power producer, paid $453 million to buy the stake in Masinloc Power Partners from AES Phil Investment. The deal is part of EGCO's strategy to expand overseas.
Following the deal, AES holds 51 per cent in Masinloc, while International Finance Corporation holds 8 per cent. "The investment will enhance Egco's presence and capabilities in the Republic of the Philippines power sector," said EGCO president Sahust Pratuknukul. "Furthermore, the investment will provide us opportunities for expansions of the existing plant in the future and long-term value prospects."
Masinloc consists of two 315 MW coal-fired units located in Zambales, Luzon island.
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