Aboitiz Power Corp. has joined around 15 to 20 foreign and local companies interested in acquiring the power assets of AES Corp. of the US in the Philippines.
Aboitiz Power president Antonio Moraza told reporters the company was seriously looking at joining the sale transaction, which it expects to be completed within the year.
“We are studying (the sale)… Very advanced and everyone else, am sure. A lot of local, regional (investors) are all there,” Moraza said.
The official said companies were interested in the AES Philippines’ 51 percent stake in the Masinloc Power Partners Co. Ltd., which owns the 630-megawatt Masinloc coal-fired power plant in Zambales province and the 335-MW expansion in the same area due for completion in 2019.
“There’s I think 20 (investors). We are interested. As long as power projects in the Philippines that is for sale, we will look (at it). The interest (for AES) is very wide, foreign, local, wide. I understand there is more than 15 (parties),” Moraza said,
AES Philippines is reportedly selling its stake for $1 billion. Moraza said the company had not discussed the issue of acquisition cost and that it was under the impression that the sale would be concluded before the end of the year.
AES Corp. of the US earlier sold its 45 percent interest in Masin-AES Pte Ltd., a wholly-owned subsidiary of AES that owns business interests in the Philippines, including the 630-megawatt Masinloc coal plant, to Electricity Generating Public Co. Ltd. of Thailand for $453 million in September 2014.
The sale includes indirect stakes in the 630 MW;Masinloc coal plant in Zambales; expansion of the existing Masinloc facility; and approximately 60 MW of potential energy storage projects in advanced development.
AES acquired the Masinloc coal plant from the government in 2008 for $930 million. The plant, which began operating in 1998, consists of two 300-MW units and can use coal from different sources.
AES, a Fortune 200 global power, is present in around 17 countries. The company recorded $306 million in net income in 2015.
Egco, meanwhile, is the first independent power producer in Thailand and is listed on the Stock Exchange of Thailand. It is not clear if Egco has a right of first refusal over the remaining stake owned by AES in Masinloc.