(L-R) Megawide CFO Oliver Tan, CEO Edgar Saavedra, and Chief Corporate Affairs & Branding Officer Louie Ferrer during a press conference prior to Megawide's Annual Stockholders Meeting in Pasig City on July 2, 2019. Mark Demayo, ABS-CBN News
MANILA - Megawide Construction Corp said on Wednesday it signed a shareholders' agreement with Singapore-based Evolution Data Centers to design, build and operate a carrier-neutral data center in the Philippines.
The project involves the long-term development of a 69MW data center in Cavite, with Phase 1 covering a 23MW, spread over 5 years inside a 4-hectare property with an estimated cost of $300 million or P16.5 billion, Megawide said in a disclosure to the stock exchange.
Megawide said the project strengthens its pivot towards digital infrastructure.
"Megawide is very excited about this venture because it represents the company's first investment in the digital infrastructure space," Megawide Chief Business Development Officer Jaime Feliciano said.
EDC's technical expertise in the data center industry with Megawide's design engineering and construction expertise will ensure the success of the partnership, Feliciano said.
Hyper-scalers and cloud service providers consider the Philippines when expanding due to the rising data consumption and the strong government support for digital transformation, EDC Chief Executive Officer Darren Webb said.
"At EDC, we are passionate about building and operating hyper-scale, sustainable data centers, across Southeast Asia," Webb said.
Megawide said the transaction is subject to the approval of the Philippine Competition Commission.
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