THE biggest bulk water-supply deal in the country to date has been signed for the benefit of over a million customers in Davao City.
In a regulatory filing on Wednesday, Abotiz Equity Ventures Inc. (AEV) said it was informed by Apo Agua Infrastructure Inc. (Apo Agua) regarding the execution of the joint-venture contract and bulk-water purchase agreement (BWPA) with the Davao City Water District (DCWD).
Apo Agua is a joint-venture company between AEV, with 70-percent ownership, and JV Angeles Construction Corp. (JVACC), which holds the remaining 30 percent, for the Tamugan Surface Water Development Project.
The pact covers the building of a P10-billion bulk-water facility with a fully renewable-energy powered hydroelectric plant.
As per the BWPA, Apo Agua will supply treated bulk water of up to 300 million liters per day from the Tamugan River to DCWD.
“The agreements are subject to conditions precedent that need to be satisfied,” AEV said in the disclosure.
The landmark project forms part of AEV’s expansion into infrastructure development.
“We have long been partners in Davao’s economy through Davao Light and our 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 CEO Erramon Aboitiz said in a statement.
JVACC will serve as the engineering, procurement and construction contractor for the project.
“We are excited to be able to provide Davao City with this innovative bulk-water supply solution,” said JV Angeles, chairman and president of JVACC.
source: Business Mirror
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