Thailand power firm Electricity Generating Public Co. Ltd (EGCO) has expanded their investment in the Philippines with the acquisition of an 8.05 percent stake in the Masinloc Power Plant in Zambales.
The Masinloc Power Plant is owned and operated by the Masinloc Power Partners Co. Ltd., which generates 630 megawatts (MW) worth of power. The power plant consists of two 315-MW units located in Zambales.
“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. (AES) retains 51 percent,” EGCO Group president Chanin Chaonirattisai said.
Previous reports said that the 8.05% acquired by EGCO was previously held by the International Finance Corp. (IFC).
Aside from Masinloc, the company is also constructing a 335-MW expansion project in the same area. Unit 3 is expected to be one of the first power plants in the country utilizing efficient supercritical technology. Commercial operation of Unit 3 is expected to begin in 2019.
EGCO is partly owned by Electricity Generating Authority of Thailand (EGAT).