Thai firm hikes stake in Masinloc power plant

MANILA, Philippines – Thai power firm Electricity Generating Public Co. Ltd. (EGCO) has deepened its hold on Masinloc Power Partners Co. Ltd. (MPPCL), the operator of the 630-megawatt (MW) coal-fired power plant in Zambales.

EGCO said in a statement it expanded its investment in the Philippines with the successful acquisition of an additional 8.05 percent stake in the Masinloc power plant.

The transaction, a result of a definitive agreement entered into by EGCO’s wholly-owned unit Gen Plus B.V. with the International Finance Corp., effectively raises the group’s indirect ownership in the project from 40.95 percent to 49 percent.

“EGCO Group has successfully acquired the additional indirect ownership interest in Masinloc Power Partners Co. Ltd. (MPPCL) on July 12, 2016. The acquisition increases EGCO Group’s holding to 49 percent while AES Corp. retains 51 percent,” EGCO Group president Chanin Chaonirattisai said.

MPPCL owns, operates and maintains the Masinloc coal-fired power plant comprising two 315-MW units located in Zambales province.

The project company is also constructing a 335-MW expansion project (Unit 3) located in the same area.

Scheduled to start commercial operation by mid-2019, Unit 3 is expected to be one of the first power plants in the country to utilize efficient supercritical technology.

In October 2015, EGCO also raised its stake by two percent in Quezon Power Philippines Ltd. (QPL), operator of the 460-MW coal-fired electric generating facility in Quezon province.

As a result, the company gained full control over the company after it bought out its partner PMR Ltd. Co., a local limited partnership formed by PMR Holding which has significant expertise in the Philippine power industry, for $15.027 million.