SINGAPORE, Dec. 19, 2017 — King & Spalding is advising the AES Corporation on the US$1.05 billion sale of its majority holding in the Masinloc power plant in the Philippines.
AES has entered into an agreement to sell its entire 51 percent equity interest in its business in the Philippines to SMC Global Power Holdings Corp. for $1.05 billion in proceeds to AES. The sale includes AES’s 51 percent equity interest in the 630 MW Masinloc coal-fired power plant in operation, the 335 MW Masinloc 2 coal-fired power plant under construction and the 10 MW Masinloc energy storage project in operation. King & Spalding also assisted AES in connection with SMC’s purchase of the remaining 49 percent equity interest in the same assets, held by Electricity Generating Public Company Limited, a Thailand-based Independent Power Producer, for $850 million. The transaction has a total enterprise value of approximately $2.4 billion. More information on the transaction can be found here.
Singapore partner Simon Cowled led the King & Spalding team on the deal, which included Simon Dunbar, Christophe Vauthier and Ji Nin Loh in Singapore and John Taylor and Ben Williams in London. Cowled also advised AES on the development and financing of the 335MW Masinloc 2 expansion in 2015 (see here).
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