Masinloc Power Partners Co., Ltd

completed

_x000C_The Masinloc Coal-fired Power plant (Masinloc CPP) is a 600MW power plant, located in Masinloc, province of Zambales (Island of Luzon), which has been operational since 1998. The Masinloc CPP is being privatized through an international competitive bidding process, as part of the privatization program under a comprehensive sector reform law, the Electric Power Industry Reform Act (EPIRA). The Masinloc CPP is expected to run primarily as a merchant plant, selling electricity through the bid-based wholesale electricity spot market (WESM). The proposed IFC investment of up to $275 million A Loan and equity will partly finance the privatization of the Masinloc CPP. The winning bid of $930 million was tendered by Masinloc Power Partners Co. Ltd (MPPC) a subsidiary of The AES Corporation of the US. In the coming three years, the plant will also undergo refurbishment works to improve its operational and environmental performance.