AES Corp. expecting $300M in yearly revenues from Masinloc

American power firm AES Corp., the winning bidder for 600-megawatt (MW) Masinloc coal-fired power plant, may earn some $300 million a year from the Zambales facility, an official of the company said. The projection was made by AES executive vice president and chief finance officer Victoria Harker in a presentation to the Bank of America. AES is a leading global power firm listed on the New York Stock Exchange. Aside from the projected revenues, Harker also presented the company's plans in line with AES' acquisition of the Masinloc coal plant. "(Masinloc is AES') excellent entry point into the robust and growing Philippine Market," Harker said. She noted that Masinloc, acquired from the Power Sector Assets and Liabilities Management Corp. (PSALM) last year, carries with it an "opportunity for performance improvements." Harker said the plant's capacity can be expanded by another 600MW and the company earlier said that the Masinloc expansion would entail additional investments of $1 billion. AES won the bid for the Zambales-based coal-fired facility with its bid of $930 million. Based on Masinloc's privatization timetable, AES should make its payment and close the deal early this year. The US company, through Masinloc Power Partners Inc., is expected to come up with the 40 percent upfront payment as a pre-condition to the closing of the sale transaction. AES Philippines president and chief executive Matthew Bartley earlier said the company is working with several lending institutions, including International Finance Corp., to partly fund the acquisition. - GMANews.TV