Cebu Summa Water Lapu-Lapu Inc. (CSWLL), a wholly-owned subsidiary of Summa Water Resources Inc. (SWRI), has secured P1.41 billion in project financing from Security Bank Corp. for its seawater desalination and water supply initiative in Lapu-Lapu City, Cebu.
SWRI is 60 percent owned by Lucio Tan-led MacroAsia Corp. (MAC) through its subsidiary, Allied Water Services Inc.
The financing deal, signed on Thursday, will fund the construction of two desalination plants: a 20 million liter-per-day (MLD) facility in Punta Engaño — upgraded from the initially planned 15 MLD — and a 500 cubic meters per day (CMD) facility on Olango Island.
“This agreement marks a significant milestone in the development of the project’s initial phase,” the company said in a statement on Friday.
The signing follows the project’s groundbreaking ceremony held on 18 September 2024.
CSWLL said the project is designed to deliver a dependable, high-quality water supply for Lapu-Lapu City and may serve as a model for future desalination efforts across the country.
The project was described by CSWLL as a “transformative” investment aimed at addressing Lapu-Lapu City’s growing water demand and enhancing water security in the area.
“Together with SWRI and MAC, the company is committed to delivering a sustainable, climate-resilient water solution that supports both the immediate and long-term needs of the community,” it said. “This project reinforces the shared vision of securing reliable and high-quality water resources to help power the future of the Philippines.”
The City Government of Lapu-Lapu is a joint venture partner. A Joint Venture Agreement was signed with CSWLL on 21 June 2019, followed by a Notice to Proceed issued on 13 May 2024.
“The City has demonstrated its proactive role in addressing water supply challenges and ensuring a sustainable water future for its constituents,” the company noted.
“This partnership underscores the City’s commitment to the well-being of both present and future generations.”