– 10 mins ago
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Razon-led Prime Infrastructure clinched a new deal to upgrade real estate developer Ayala Land Inc.’s (ALI) waste management in Cebu, with the possibility of the partnership expanding to other commercial properties.
The agreement was formalized on Wednesday between officials from Ayala Land and its real estate investment trust AREIT Inc., and Prime Infra.
According to the group, waste generated by AREIT’s eight office buildings would be processed at Prime Integrated Waste Solutions’ (PWS) facility in Binaliw, Cebu City.
READ: Prime Infra subsidiary now supplying fuel from wastes
ALI Head of Leasing and Hospitality Mariana Zobel de Ayala said this move would make the company “the largest office portfolio to commit to a circular economy approach.”
“The municipal solid waste and industrial waste is really a crisis in the country—a very significant crisis, social and environmental, among others. The release of methane has had tremendous impact on climate and thus, Prime Waste Solutions and Prime Infra are making efforts to industrialize waste management at the national level,” Prime Infra President and CEO Guillaume Lucci said in a statement on Thursday.
PWS uses an equipment that could process “80 percent to 90 percent” of every ton of waste to produce refuse derived fuel, which can be used as a power alternative.
Earlier this month, PWS inaugurated a 10-hectare facility in Pampanga. Prime Infra has committed to spending P1 billion to finance the development.
