AES Corp. said Monday it will sell its 51% stake in the subsidiary that owns its Philippines business interests for $1.05 billion to SMC Global Power Holdings Corp. The deal, which is expected to close in the first half of 2018, includes its interest in the 630 MW Masinloc coal-fired plant, the 335 MW Masinloc 2 coal-fired plant under construction and the 10 MW Masinloc energy storage project. AES said it bought a 92% interest in Masinloc, with International Finance corp. as a minority partner, in 2008 in a deal valued at $1.1 billion. In 2014, AES sold 41% of Masinloc to EGCO Group for $453 million. AES’s stock, which was still inactive in premarket trade, has lost 7.1% year to date, while the S&P 500 has gained 19.5%.
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