Metro Pacific unit putting up waste-to-energy conversion facility
A unit of infrastructure holding firm Metro Pacific Investments Corp. has signed a deal to convert the waste generated by food manufacturer Dole Philippines Inc. (DPI) into energy through the development of a P1-billion biogas system in South Cotabato.
The project marks Metro Pacific’s entry into bio-energy and is seen to serve as a catalyst for a “highly scalable” waste-to-energy platform it plans to build in the Philippines through its 100 percent-owned subsidiary Metpower Venture Partners Holdings Inc. (MVPHI).
In a disclosure to the Philippine Stock Exchange on yesterday, Metro Pacific announced that MVPHI had finalized and signed agreements with Dole through Surallah Biogas Ventures Corp. (SBVC).
The deal is to design, construct and operate biogas facilities for the Philippine unit of Dole, the world’s largest producer and marketer of fresh fruits, fresh vegetables and fresh cut flowers. It also has a growing line of packaged food products.
The P1-billion budget for this project is expected to come from Metro Pacific’s internal funds.
“The biogas facilities located within the premises of DPI aim to complement their existing operation by processing organic fruit waste from its Surallah and Polomolok facilities in South Cotabato, Mindanao and harnessing renewable energy in the form of biogas,” the disclosure said.
SBVC’s facilities will produce about 50,000 megawatt-hour of clean energy yearly to be used by Dole for power generation and fossil fuel substitute.
“Both MPI and DPI believe that this long-term project is an innovative, environment-friendly and sustainable waste management solution consistent with, and further elevates the business tradition of DPI. Further, the project positively impacts climate change through CO2 (carbon dioxide) emission reduction by approximately 100,000 tons per year,” the disclosure said.
Metro Pacific is also part of an existing consortium that will convert the solid waste of Quezon City into 42 megawatts of renewable energy that can power up to 90,000 homes.
The conglomerate led by businessman Manuel V. Pangilinan intends to do more waste-to-energy projects in the Philippines. It was earlier reported that it was in talks with China Everbright Group, a leading player in China’s environmental protection industry, to undertake more biogas projects.
In a separate disclosure, Metro Pacific said it had tapped a P5-billion 10-year fixed-term loan from Union Bank of the Philippines.
Proceeds will be used “to finance its investment in various projects and for other general corporate purposes,” the disclosure said.
