MetroPac Water Investments Corp., a wholly owned subsidiary of Metro Pacific Investments Corp., on Tuesday said it has formally received the notice of award for the Iloilo Bulk Water Supply Project.
The company said it received the award from the Metro Iloilo Water District (MIWD), pursuant to the provisions of the 2013 National Economic and Development Authority Guidelines on Joint Venture.
“A joint-venture company will be formed by MetroPac Water and MIWD to rehabilitate, expand, operate, and maintain MIWD’s existing water-production facilities,” the company said.
MetroPac Water will hold an 80-percent interest in the joint venture.
The project will provide up to 170 million liters per day of bulk-water supply to MIWD in the next 25 years. The total cost of the project is P2.8 billion, based on 2014 prices.
“The joint-venture agreement for the project will be executed upon the satisfaction of certain conditions precedent,” it said.
MetroPac Water’s mandate is to provide water and environment infrastructure solutions to cities across the Philippines and in Southeast Asia, the company said.
“We are committed to designing and implementing infrastructure-investment models that will significantly broaden water and sanitation coverage in rapidly urbanizing cities, while generating attractive risk-adjusted returns for our shareholders.”
MetroPac Water said it will pursue mergers and acquisitions, and joint-venture opportunities for the rehabilitation and expansion of existing infrastructure and the rollout of greenfield projects.