New player to turn trash into cash?

For years, we’ve heard whispers about a facility that can convert trash at the Payatas dump site in Quezon City into energy.

These whispers soon turned into a near-solid plan after Manuel V. Pangilinan-led Metro Pacific Investments Corp. (MPIC) partnered with the local government to make the 36-megawatt (MW) waste-to-energy (WTE) project a reality.

The promise was simple, yet a source of hope for some Quezon City residents grumbling about the garbage problem at the Payatas dump site: MPIC said the P22-billion WTE facility could convert up to 3,000 metric tons of waste into electricity daily.

READ: MPIC’s mWell takes in Ayala’s KonsultaMD

Since it’s been nearly eight years since the local government approved MPIC’s proposal—and since the Payatas dump site was shut down, for that matter—it is likely that the WTE may not actually be built, at least not now.

The trash problem has also only worsened.

Article continues after this advertisement

When Smokey Mountain in Tondo, Manila, was closed in 1995 to make way for a housing project, millions of metric tons of waste were transferred to Payatas, and then to other landfills in Quezon City.

Article continues after this advertisement

So this begs the question: Are we actually going to see a WTE in Metro Manila? Definitely maybe.

Sources told Biz Buzz that there’s a new foreign WTE player coming to town, and its plan is 10 times larger than that of MPIC’s.

In fact, we hear that the foreign proponent—with the help of a local partner—is eyeing a 350-MW facility. This is, indeed, a big deal, especially since a project of this scale (solar power plants, for example) have only been pursued by big names in the power sector.

If you’re wondering which country this foreign player is from, we’re told that you probably already have a watch made there. Abangan! —Meg J. Adonis

Citicore IPO wins big

Tycoon Edgar Saavedra’s renewable firm not only advances in the clean energy space as its P5.3-billion market debut just won big at the Alpha Southeast Asia awards.

Citicore Renewable Energy Corp.’s (CREC) initial public offering (IPO) was named Alpha Southeast Asia’s Best Mid-Cap Equity Deal of the Year last week in Malaysia.

Alpha Southeast Asia is the first and only institutional investment magazine focused on the region.

CREC president and chief executive officer Oliver Tan said the recognition showed that the group remains “a valuable addition to the equity markets” as well as mirrors investors’ confidence in its targets.

“As one of the country’s largest renewable energy platforms, CREC represents the investing community’s desire to participate in the energy transition and ultimately help in powering a first-world Philippines with pure renewable energy,” Tan said.

CREC boasted that its IPO attracted both foreign and local investors, including a $12.5-million fund from the United Kingdom government’s MOBILIST Programme.

The company has set a goal of expanding its portfolio by 5 gigawatts (GW) in five years, with 1 GW fired up annually. —Lisbet K. Esmael