Boston, MA 06/11/2014 (wallstreetpr) – Power firm giant¸ AES Corp (NYSE:AES), has confirmed reports it is set to investing $2 billion in expanding its coal fired power plant in the Philippines. The investment will allow the company to put up new power storage facilities that should stabilize supply in some of the energy deficient provinces in the country
AES Investment Plans
AES Corp (NYSE:AES) plans to invest $1.2 billion to double up its 600 megawatt coal fired power plant in Zambales province with full completion expected in three years. AES has confirmed it is in an advanced stage for its new project in Masinloc in Zambales province having acquired environmental permits and confirming it is in the final commercial aspects. AES Corp has reiterated its desire to further expand its operations in the Philippines
The Philippines must add at least 2,500 megawatts in the next four years if it is to achieve a 6% growth annually. AES is also in talks about the possibility of installing lithium ion batteries for storage purposes in the central Visayas region where there is a consistent power shortage supply.
AES Expansion Plans
AES Corp has already invested $1 billion in rehabilitating a 630 megawatt thermal power plant that it acquired in 2008. Its desire to increase its operations in the country gas has seen it move its headquarters from Singapore to Manila over the past year.
AES Corp is in the final stretch in expanding its operations across the globe; this IS clearly shown by the fact that the company has received approvals in the past six months on about 2,600 MW across the U.S, Chile, India and Canada. The new projects are expected to start contributing earnings and cash flow in the next four years.
For the current year, AES Corp (NYSE:AES) plans to invest $270 million in platform expansion at its IPL and Gener Guacolda businesses.
