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MANILA, Philippines – Apo Agua Infrastructura Incorporated, a 70:30 joint venture between Aboitiz Equity Ventures Incorporated (AEV) and J.V. Angeles Construction Corporation (JVACC), has entered into a P10-billion ($223.04 million) bulk water supply agreement with the Davao City Water District (DCWD).
In a disclosure to the stock exchange, AEV said the agreement involves the construction of the country’s largest private bulk water supply facility, together with a fully renewable energy-powered water treatment plant.
APO Agua will supply up to 300 million liters per day of potable bulk water from the Tamugan River to DCWD, which will benefit the more than 1 million people of Davao City.
AEV has prior investment through Davao Light and other businesses.
“Through our investment in APO Agua, we will ensure that Davao City has the necessary bulk water infrastructure for it to continue with its impressive economic growth story,” AEV president and chief executive officer Erramon Aboitiz said.
JVACC will be the engineering, procurement, and construction (EPC) contractor for the entire project.
“We are excited to be able to provide Davao City with this innovative bulk water supply solution,” said JV Angeles, JVACC chairman and president. JVACC has over 48 years of experience in the construction and development of water-related infrastructure.
Its portfolio includes the construction of Hedcor Sibulan’s run-of-river hydropower electric project, which provides 42 megawatts (MW) of Davao City’s power supply.
It was only in June 2014 when the JVACC-AEV consortium received the notice of award from the DCWD to build and operate the Tamugan Surface Water Development Project.
‘Fifth leg’
AEV, which has investments in power generation, property development, banking, and agribusiness earlier said it plans to diversify into infrastructure to create the conglomerate’s “fifth leg.”
AEV said it plans to bid for more public-private partnership (PPP) projects as it sees infrastructure development as a key source of growth for growing its business.
The conglomerate is part of a “super consortium” composed of Ayala Land Incorporated, SM Prime Holdings Incorporated, and Megaworld Corporation bidding for the P123-billion ($2.74 million) Laguna Lakeshore Expressway dike project.
It has also forged a 60-40 joint venture with Singapore-based SMRT International to bid for the Light Rail Transit line 2 operation and maintenance project.
AEV is also looking into the bundled airports project. – Rappler.com
US$1 = P44.82
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