Masinloc Power Project expansion

Overview:

• AES Philippines, a subsidiary of American energy firm AES, has raised $700 million to expand a power plant project in the Philippines.
• The plant, located in a 137-hectare lot in the town of Masinloc at Zambales, is a single 300MW coal plant that may be expanded up to 600MW.
• Part of the funding ($525 million) is supported by a debt package arranged by Bank of the Philippine Islands, Philippine National Bank, Rizal Commercial Banking, and Security Bank. The remaining balance of around 30% is expected to come from equity.
• The company will look to start construction in the first quarter of 2016 with completion expected in 2018.
• King & Spalding advised AES on project development and financing, with Singapore partner Simon Cowled leading the team alongside partner Mona Katigbak. Singapore associates Kevin Futch and William Panlilio were also involved, with associate Rory Connor assisting from London.