March 27, 2017
Metro Pacific Investments Corp. Monday announced that the consortium consisting of Metro Pacific Investments Corp. , Covanta Energy, LLC and Macquarie Group, Ltd. has been granted original proponent status by the Quezon City government to design, construct, finance, and operate an Integrated Solid Waste Management facility.
The facility will be capable of processing and converting up to 3,000 metric tons per day of Quezon City’s municipal solid waste into 42 megawatts of renewable energy, enough to power between 60,000 to 90,000 homes, a disclosure to the Philippine Stock Exchange said Monday.
The project will be undertaken through a joint venture between QC LGU and the consortium in accordance with QC LGU Ordinance: No. SP-2336, s. 2014.
As the original proponent of the project, the consortium will have the exclusive rights to enter into detailed negotiations with Quezon City . Upon completion of negotiations, the project will be subjected to a competitive challenge consistent with government regulations.
“The volume of solid waste as a result of economic growth and urbanization has become a challenge for local governments to ensure effective and sustainable management of waste”, said Jose Ma. Lim, president and chief executive officer of MPIC.
“An Integrated Solid Waste Management facility is a sustainable approach to society’s use of resources to reduce the amount of waste that must be placed in landfills for disposal while being environmentally responsive.”
If the consortium is awarded the project, development and construction would take approximately 3-4 years. It is expected that the project will be funded through a combination of debt and equity. DMS
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