MPIC undertakes 42MW waste-to-energy project with QC government
A waste-to-energy facility with 42 megawatts-equivalent capacity will be undertaken by a consortium led by Metro Pacific Investments Corporation (MPIC) with the local government of Quezon City (QC).
The venture will be carried out by MPIC along with partners Covanta Energy LLC and Macquarie Group Ltd., as noted in its disclosure to the Philippine Stock Exchange.
MPIC emphasized that, together with its partners, it was granted “original proponent status (OPS) by the Quezon City government to design, construct, finance and operate an integrated solid waste management facility.”
The project, in turn, would be “capable of processing and converting up to 3,000 metric tons per day of Quezon City’s municipal solid waste into 42MWe of renewable energy, enough to power between 60,000 to 90,000 homes.”
MPIC President and Chief Executive Officer Jose Ma K. Lim said “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.”
It is for this reason, he emphasized that they are proposing the ISWM facility as “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.”
MPIC stressed that the project “will be undertaken through a joint venture between QC-LGU and the consortium,” in accordance with the terms of the LGU ordinance primarily issued for it.
It explained that “as the original proponent of the project, the consortium will have the exclusive rights to enter into detailed negotiations with the QC-LGU,” and upon successful completion of the negotiations, “the project will be subjected to a competitive challenge consistent with government regulations.”
Should the consortium bags the project with finality, MPIC indicated that “development and construction would take approximately 3-4 years.”
Project financing shall be through a combination of debt and equity, the company had further noted. So far, this is the first undertaking of the MPIC group for such venture. (MMV)