QC approves Metro Pacific-led group's waste-to-energy project
MANILA, Philippines – The consortium of Metro Pacific Investments Corporation (MPIC), Covanta Energy, and Macquarie Group Limited was granted original proponent status by the Quezon City (QC) government for its proposed P15-billion waste-to-energy project.
MPIC told the Philippine Stock Exchange (PSE) that the unsolicited project involves the construction of an integrated solid waste management facility capable of processing and converting up to 3,000 metric tons per day of QC's municipal solid waste into 42 megawatts (MW) of renewable energy.
This will be enough to power between 60,000 and 90,000 homes.
The project will be undertaken through a joint venture between the QC government and the consortium. (READ: Pangilinan-led MPIC to Duterte admin: Let's start with a clean slate)
As the original proponent of the project, MPIC said the consortium will have the exclusive rights to enter into detailed negotiations with the local government unit.
Upon successful completion of talks, 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," MPIC president and chief executive officer Jose Ma. Lim said.
"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," he added.
Once the consortium is awarded the project, development and construction would take approximately 3 to 4 years. (READ: Metro Pacific to spend around P60 billion in 2017)
The project will be funded through a combination of debt and equity.
The QC government said it believes that the project will provide a sustainable, long-term, world-class waste management solution that will eliminate the need for landfilling.
MPIC is pursuing waste-to-energy projects in the country to address issues on solid waste management and increased demand for electricity.
The infrastructure conglomerate earlier said it was looking at creating a portfolio of waste-to-energy facilities with a generating capacity of 300 MW in the coming years.
MPIC has investments in hospitals, power generation, tollroads, logistics, and water utility. – Rappler.com