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Masinloc Power Partners Co., Ltd
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 26405
Company nameMasinloc Power Partners Co. Ltd
Country
Philippines
Sector1Coal - Thermal Power Generation
Environmental categoryB
Department
StatusActive
Date SPI disclosedOctober 9, 2007
Projected board dateNovember 15, 2007
Previous EventsInvested: April 14, 2008
Signed: February 15, 2008
Approved: November 8, 2007
View Environmental & Social Review Summary (ESRS), click here
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  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
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.

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