MPIC unit bags P2.8B CDO water project
A unit of infrastructure holding firm Metro Pacific Investments Corp. has bagged a P2.8-billion bulk water project for Cagayan de Oro, a center of trade and commerce in Northern Mindanao.
The project will be implemented through a joint venture company to be 95-percent owned by MetroPac Water Investments Corp. (MWIC) and 5-percent owned by the Cagayan de Oro Water District (COWD), based on a disclosure to the Philippine Stock Exchange on Friday.
MWIC received the notice of award for the bulk water project on March 23. This will have a term of 30 years, renewable for another 20 years, involves the acquisition and construction of a 100-million liters per day (MLD) water treatment plant. The project also includes the construction of new water transmission lines and rehabilitation of the Camaman-an Reservoir to supply the COWD, which currently has about 90,000 service connections.
“The definitive agreements implementing the joint venture is expected to be signed upon completion of the requirements in the notice of award,” the disclosure said.
