Infrastructure conglomerate Metro Pacific Investments Corp. bagged the P2.8-billion Cagayan de Oro bulk water project.
Metro Pacific said in a disclosure to the stock exchange subsidiary MetroPac Water Investments Corp. received the notice of award for the Cagayan de Oro 100-million-liter-per-day bulk water project on March 23.
The project, which has a term of 30 years and renewable for another 20 years, involves the acquisition and construction of a 100-MLD water treatment plant, construction of new water transmission lines and rehabilitation of the Camaman-an Reservoir to supply the Cagayan de Oro Water District.
The network currently serves a population of more than 749,000 people, with 90,000 active service connections.
The estimated project cost is P2.8 billion. The project will be implemented through a joint venture company, with MetroPac Water owning a 95-percent stake and the Cagayan de Oro Water District owning the remaining five percent.
“The definitive agreements implementing the joint venture is expected to be signed upon completion of the requirements in the notice of award,” Metro Pacific said.
MetroPac Water is currently operating water projects that collectively provide 150 MLD of water in Cebu, Laguna and Iloilo.
The water company also acquired in June 2016 around 65 percent of the outstanding capital stock of Eco-System Technologies International Inc., a company involved in designing, supplying, constructing, installing and operating and maintaining wastewater and sewage treatment plant facilities.
Aside from MetroPac Water, MPIC also owns majority interest in Maynilad Water Services Inc., the water concessionaire for the west zone of Metro Manila.