Razon-led Manila Water Co., Inc. has secured a loan facility of up to P27 billion from BDO Unibank, Inc. to partially finance its acquisition of the Wawa bulk water supply project.

In a regulatory filing on Wednesday, Manila Water said the 15-year term loan facility will be used to fund the purchase of a 92.97% stake in WawaJVCo, Inc., the project’s operator.

Last year, Manila Water acquired the Wawa Bulk Water Supply Project from its parent firm Prime Infrastructure Capital, Inc. (Prime Infra) for P37.8 billion, giving the listed water concessionaire full ownership of the project.

WawaJVCo, a joint venture between Prime Infra and San Lorenzo Ruiz Builders & Developers Group, was formed to develop, operate, and maintain the Wawa Bulk Water Supply Project in Rizal province.

The project is a major raw water source infrastructure facility intended to help augment Metro Manila’s water supply, which remains largely dependent on Angat Dam. — Sheldeen Joy Talavera