Razon-led Manila Water Co., Inc. has secured a loan facility of as much as P27 billion from BDO Unibank, Inc. to partially finance its acquisition of the Wawa bulk water supply project.
In a regulatory filing on Wednesday, Manila Water said the 15-year term loan facility will likely be used to fund the acquisition of a 92.97% stake in WawaJVCo, Inc., the project’s operator.
Last yr, Manila Water acquired the Wawa Bulk Water Supply Project from its parent firm Prime Infrastructure Capital, Inc. (Prime Infra) for P37.8 billion, giving the listed water concessionaire full ownership of the project.
WawaJVCo, a three way partnership between Prime Infra and San Lorenzo Ruiz Builders & Developers Group, was formed to develop, operate, and maintain the Wawa Bulk Water Supply Project in Rizal province.
The project is a serious raw water source infrastructure facility intended to assist augment Metro Manila’s water supply, which stays largely depending on Angat Dam. — Sheldeen Joy Talavera