AES Sells Minority Stake in Masinloc Power Plant and Development Projects in the Philippines to EGCO Group for $453 Million

ARLINGTON, Va.--(BUSINESS WIRE)--Jun. 25, 2014-- The AES Corporation(NYSE: AES) announced today that it has entered into an agreement to sell 45% of its interest in Masin-AES Pte Ltd, a wholly-owned subsidiary of AESthat owns AES’ business interests in the Philippines, to Electricity Generating Public Company Limited (EGCO Group), a Thailand-based Independent Power Producer (IPP), for $453 million. The sale includes indirect stakes in the following: the 630 MW Masinloc coal-fired power plant in operation since 1998; expansion of the existing Masinloc facility; and approximately 60 MW of potential energy storage projects in advanced development. After the sale,AES will own a 51% net stake in Masinloc, EGCO Group will own 41%, and theInternational Finance Corporation (IFC) will retain 8%. AES will continue to manage and operate the plant. AES and EGCO Group have agreed to use the Masinloc platform as their exclusive vehicle for growth in the Philippines.



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