A unit of Prime Infrastructure Capital Inc. has completed its acquisition of Cebu-based ARN Central Waste Management Inc. (ACI), marking the Razon group’s foray into solid waste solution business.
Prime Infra said on Monday that its subsidiary, Prime Integrated Waste Solutions Inc. (PWS) had sealed the deal to purchase ACI during a ceremonial signing held at its office in Pasay City.
ACI is the first waste management business that Prime Infra is developing, with an aspiration to upgrade and bring it at par with world-class materials recovery facilities in more advanced countries like Singapore.
At present, the entity receives around 1,000 tons of Cebu’s municipal solid waste daily.‘World-class’
Prime Infra earlier explained that PWS aimed to immediately address methane emissions; prevent ocean, water and air pollution through efficient waste management; and enhance the quality of life in surrounding communities by supporting critical infrastructure in Cebu.
According to Prime Infra president and CEO Guillaume Lucci, PWS was established in response to market demand for modern waste recovery facilities to accommodate the rapid increase in solid waste output every year.
“Through PWS, we plan to deliver world-class waste management services that will create a positive impact on both the environment and the surrounding communities,” he added.
Biorefinery
In line with this transaction, PWS is planning to develop two more materials recovery facilities in Luzon within the next two years.
“The transaction is also part of Prime Infra’s overall strategy to establish an integrated waste management and sustainable fuels solution that will help tackle the solid waste problem in the Philippines,” said Lucci.
Together, PWS and WasteFuel Philippines comprise Prime Infra’s water business, which focuses on investing in various assets such as energy, access to clean water and critical infrastructure.
WasteFuel Philippines, which intends to develop its first biorefinery in Cebu City, aims to convert organic waste and agricultural feedstock into green methanol and sustainable aviation fuel. This company is a partnership with US-based WasteFuel Global.