MANILA -- Metro Pacific Investments Corp said Tuesday it signed agreements to build P1 billion in biogas facilities for Dole Philippines,marking its first foray into bio-energy.
Metro Pacific said its unit, Metpower Ventures Power Holdings Inc, through Surallah Biogas Ventures Corp, finalized the deal with Dole Philippines.
"The project serves as MPI’s first foray in bio-energy and will serve as a catalyst for a highly scalable waste-to-energy platform it plans to build in the Philippines through MVPHI," Metro Pacific told the stock exchange.
The facilities to be built by MVPHI will complement Dole's existing facilities to process organic fruit waste in Surallah and Polomolok, South Cotabato, according to the disclosure.
The facilities will produce 50,000 megawatt-hours of clean energy annually, it said.
In a separate disclosure, Metro Pacific said it secured a P5 billion 10-year term loan from UnionBank to finance various projects. The debt will have fixed interest throughout its term.