MacroAsia-backed firm seals loan for water project
A company backed by aircraft maintenance service provider MacroAsia Corp. has secured a P1.41-billion loan to put up seawater desalination plants in Cebu province.
The Lucio Tan-led company said Cebu Summa Water Lapu-Lapu Inc. (CSWLL), a wholly owned subsidiary of Summa Water Resources Inc. (SWRI), had signed a financing loan agreement with Security Bank Corp.
MacroAsia owns 60 percent of SWRI through Allied Water Services Inc.
According to MacroAsia, the project covered the construction of a desalination plant with a capacity of 20 million liters per day in Punta Engaño, Lapu-Lapu City, and another facility with a capacity of 500 cubic meters per day on Olango Island.
The combined capacity of these desalination plants is roughly the size of eight Olympic-sized swimming pools.
“CSWLL is investing heavily in this transformative project, which aims to address the growing water needs of Lapu-Lapu City and enhance its water security,” MacroAsia said in its disclosure.
CSWLL signed a joint venture agreement with the local government of Lapu-Lapu in 2019 to address water supply challenges. In May 2024, the company was given the green light to construct the desalination facilities.
Last year, MacroAsia’s revenues from water operations expanded by 21 percent to P748.6 million on the back of a 6-percent increase in water sales. Bottom line surged by 32 percent to P1.12 billion on growth across its businesses.
Other water infrastructure projects are located in Bacolod and Poro Point, La Union. These are expected to begin generating revenues by next year.
