Mr. Jakgrich Pibulpairoj, President of Electricity Generating Public Company Limited or EGCO Group revealed that “On December 17, 2017, Gen Plus B.V. a wholly-owned subsidiary of EGCO Group, entered into Share Purchase Agreement with SMC Global Power Holdings Corp. and AES Phil Investment Pte. Ltd. to dispose its 49% indirect ownership interest in Masinloc Power Partners Co. Ltd. (“MPPCL”) to SMC Global Power Holdings Corp.

EGCO Group would receive the proceeds of USD850 million (THB27.66 billion equivalent) from the divestment upon transaction closing which is subject to the approval of the Philippine Competition Commission and relevant closing conditions agreed by the transaction parties. The transaction is expected to be completed within the first half of 2018. EGCO plans to use the proceeds from the transaction for new investment projects.

MPPCL owns, operates and maintains the Masinloc coal-fired power plant comprising 2 units of 315MW (gross) each, a 335MW expansion project (Unit 3) which is under construction and a 10MW Battery Energy Storage located in Zambales Province, the Philippines.