A SUBSIDIARY of Filinvest Land, Inc. (FLI) is set to develop a district cooling system for its Mimosa Plus Leisure City inside the Clark Freeport Zone in Pampanga.
The property developer said in a statement on Wednesday that its subsidiary, Filinvest Clark Mimosa, Inc., partnered with Philippine DCS Development Corp. (PDDC) to develop the system for property.
PDDC, formed in 2013, is a joint venture between FLI and France-based multinational firm ENGIE, which developed and operated another district cooling system at Northgate Cyberzone in Filinvest City, Alabang.
According to FLI, a district cooling system “distributes cooling capacity in the form of chilled water or other medium from a central source to multiple buildings through a network of underground pipes for use in space and process cooling.”
“The system is more efficient than conventional air conditioning and has a significant positive environmental effect by reducing carbon dioxide emissions and pollution,” FLI said.
Ana Venus Mejia, chief finance officer of FLI unit Cyberzone Properties, Inc., said the company is continuously looking for better building designs and methods that consider cost efficiency and environmental impact.
“A cooling system is our foremost priority as it has a significant impact, not only in terms of capital expenditure and maintenance, but because of the significant energy savings we generate and its environmental impact,” Ms. Mejia said.
The district cooling system has been able to cool buildings in the 18.7-hectare Northgate Cyberzone and lowered its greenhouse gas emissions. The system has a 10,000-ton refrigerant plant, a 42.2-megawatt cooling capacity, and a 3.4-kilometer underground distribution network of steel pipes. It also improves water efficiency by removing the use of makeup water and chemical treatment of cooling towers.
“The district cooling system is an essential solution to cool cities efficiently and will play a critical role in fighting climate change in Southeast Asia,” ENGIE Southeast Asia CEO Thomas Baudlot said.
Meanwhile, FLI said that Cyberzone Properties is set to be renamed as Filinvest REIT Corp. (FILREIT) pending regulatory approval.
Based on FILREIT’s registration statement filed with the Securities and Exchange Commission, the company’s portfolio includes 17 office buildings, consisting of one office tower with a retail component in Cebu and 16 office buildings at Northgate Cyberzone, Alabang.
During the first quarter of 2021, FLI posted a 45% decline in its attributable net income to P736 million from P1.35 billion a year ago.
Gross revenues fell 20% to P4.54 billion as residential revenues went down 20% to P2.47 billion.
On Wednesday, shares of FLI at the stock exchange fell 0.90% or one centavo and closed at P1.10 apiece. — Revin Mikhael D. Ochave
