Euro Group of Co Inc (EGCO) 0.0005 $EGCO
AES Sells Minority Stake in Masinloc Power Plant and Development Projects in the Philippines to EGCO Group for $453 Million
Business Wire - Wed Jun 25, 3:30PM CDT
The AES Corporation (NYSE: AES) announced today that it has entered into an agreement to sell 45% of its interest in Masin-AES Pte Ltd, a wholly-owned subsidiary of AES that owns AES' business interests in the Philippines, to Electricity Generating Public Company Limited (EGCO Group), a Thailand-based Independent Power Producer (IPP), for $453 million. The sale includes indirect stakes in the following: the 630 MW Masinloc coal-fired power plant in operation since 1998; expansion of the existing Masinloc facility; and approximately 60 MW of potential energy storage projects in advanced development. After the sale, AES will own a 51% net stake in Masinloc, EGCO Group will own 41%, and the International Finance Corporation (IFC) will retain 8%. AES will continue to manage and operate the plant. AES and EGCO Group have agreed to use the Masinloc platform as their exclusive vehicle for growth in the Philippines.
AES: 11.86 (unch)
AES Sells Minority Stake in Masinloc Power Plant and Development Projects in the Philippines to EGCO Group for $453 Million
Business Wire - Wed Jun 25, 3:30PM CDT
The AES Corporation (NYSE: AES) announced today that it has entered into an agreement to sell 45% of its interest in Masin-AES Pte Ltd, a wholly-owned subsidiary of AES that owns AES' business interests in the Philippines, to Electricity Generating Public Company Limited (EGCO Group), a Thailand-based Independent Power Producer (IPP), for $453 million. The sale includes indirect stakes in the following: the 630 MW Masinloc coal-fired power plant in operation since 1998; expansion of the existing Masinloc facility; and approximately 60 MW of potential energy storage projects in advanced development. After the sale, AES will own a 51% net stake in Masinloc, EGCO Group will own 41%, and the International Finance Corporation (IFC) will retain 8%. AES will continue to manage and operate the plant. AES and EGCO Group have agreed to use the Masinloc platform as their exclusive vehicle for growth in the Philippines.
AES: 11.86 (unch)
