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AES eyes loan for Masinloc expansion
« on: December 15, 2007, 08:54:46 AM »
 US-based AES Power Corp. plans to expand the Masinloc coal-fired power plant to double its present capacity.

”We see that with the growth in the Philippine economy and the energy demand and how prosperous its becoming we are very excited about contributing to that growth. Masinloc, we feel, is very well positioned to expand its capacity,” Matthew L. Bartley, AES Philippines president, said.

”We expect the closing date to be next month or two. So it should be in the first quarter of the year,” he said, referring to the completion of the acquisition and turnover of the plant.

The expansion of the facility is expected to help avert a looming power crunch that will likely hit the country in the next two to four years. The government is banking on the expansion of existing power plants as an alternative to putting up new ones altogether, which would take more time.

The government auctioned off the 600 megawatt Masinloc facility last July.

Bartley said the company is talking to lenders for partial financing of the upfront payment for the Masinloc facility. The government requires immediate payment of 40 percent of the purchase cost.

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