SINGAPORE – Dec. 21, 2015 – King & Spalding acted for AES Philippines, the local branch of US-based AES Corp, on the US$700 million expansion of its 630MW Masinloc coal-fired power plant in Zambales.
AES acquired the plant in 2008, which is located in a 137-hectare lot in the town of Masinloc, province of Zambales, about 250km northwest of Manila. The latest agreement is for an additional 335MW of capacity at the plant, with a further option to expand to 600MW.
The expansion is being funded with a US$525 million debt package arranged by Bank of the Philippine Islands, Philippine National Bank, Rizal Commercial Banking Corporation and Security Bank Corporation.
King & Spalding advised AES on all aspects of the development and financing of the expansion project. Singapore partner Simon Cowled led the team on the deal, which also included partner Mona Katigbak and associates Kevin Futch and William Panlilio in Singapore, and senior associate Rory Connor in London.
The project is the latest in a line of international energy deals to have been led from King & Spalding’s Singapore office. Further instructions this year include acting for: a joint venture between SN Power of Norway and Aboitiz Power Corporation of the Philippines on a US$436.23 million refinancing; BW Gas in connection with its successful tender to provide Egyptian Natural Gas Holding Company with LNG regasification services utilizing a Floating Storage Regasification Unit in Ain Sokhna, Egypt; and Adjaristsqali Georgia on the development, construction and US$250 million debt financing of the landmark 187MW Shuakhevi Hydropower Project in Georgia (the former Soviet Republic).
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