MPIC unit bags P1.6B Dumaguete water concession deal
Infrastructure conglomerate Metro Pacific Investments Corp. has further expanded its presence in the water sector after securing a 25-year contract to rehabilitate, operate and expand Dumaguete City ?s water distribution system.
The 25-year concession will require an investment of P1.62 billion with an initial equity investment of P700 million this year.
In a filing with the stock exchange, MPIC said its subsidiary MetroPac Water Investments Corp. officially received from Dumaguete City Water District the notice of award for the upgrade and maintenance, and expansion of DCWD?s water facilities.
A joint venture corporation shall be formed to implement the project. It will have the right to bill and collect tariff for the water supply and wastewater services in DCWD?s service area.
DCWD serves Dumaguete City and portion of the municipalities of Valencia, Sibulan, and Bacong. The estimated population in the area is 162,389.