The American energy firm, AES Corporation, is planning to invest up to US$2 billion to expand its Masinloc coal-fired power plant in the northwestern Philippines.
The company plans involves spending US$1.2 billion to double the capacity of its 600MW coal-fired power plant in Masinloc in Zambales province.
The project is expected to be completed in three years. The firm also announced plans to add a power storage facilities to help stabilize the country’s supply.
Andres Gluski, AES president and chief executive, stated:
Masinloc is very, very advanced. We have got the environmental permits and we are now in the final commercial aspects. We are willing to expand more in the Philippines. We want to expand more.
For the energy storage project, Gluski said the company may invest US$300 million or US$500 million, depending on the capacity.
Desiree Edora, Masinloc Mayor, stated:
AES should seek the approval of the people of Masinloc by presenting the project’s Environmental Compliance Certification which required public consultation and ensure that the project conforms to ECC standards set by the law.
AES has invested US$1 billion in rehabilitating a 630-megawatt thermal power plant it acquired in 2008. AES has moved its regional headquarters from Singapore to Manila last year following a decision to increase its investments in the country.
According to the government’s power plan, the Philippines must add power capacity of at least 2,500MW in the four years to 2017 to support an economic growth of 6 percent annually.