San Miguel Corporation gets approval to buy US$1.9b coal-fired power plant

The plant's total capacity is nearly 1GW.

The Philippine conglomerate San Miguel Corporation has received an approval from the Philippine Competition Commission (PCC) for the acquisition of the nearly 1 GW Masinloc coal-fired power plant, that it acquired from the US company AES Corporation and the Thai independent power producer Electricity Generating Public Company (EGCO) in December 2017 for a total consideration of US$1.9bn (US$1.05bn for AES and US$850m for EGCO).

The sale comprises two coal-fired power plants with a total capacity of 965 MW, namely the 630 MW Masinloc-1 power plant (two 315 MW units) and the 335 MW Masinloc-2 project under construction along with the 10 MW Masinloc energy storage project, all located in the Philippines. The transaction is scheduled for completion in the first half of 2018.

This article was originally published by Enerdata.