Filinvest to develop a district cooling system for its Mimosa Plus Leisure City in Clark

Filinvest Clark Mimosa, Inc., 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.

Filinvest is partnering with Philippine DCS Development Corp. (PDDC) to develop the system for the property.

PDDC, formed in 2013, is a joint venture between FLI and France-based multinational firm ENGIE, which developed and operated the district cooling system at Northgate Cyberzone in Filinvest City, Alabang.

According to FLI, a district cooling system “distributes cooling capacity typically in the form of chilled water 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,” said FLI.

Ana Venus Mejia, chief finance officer of FLI unit Cyberzone Properties, Inc., said the company is continuously looking for better building designs and methods in terms of 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,” said Ms. Mejia.

The district cooling system has been able to cool buildings in the 18.7-hectare Northgate Cyberzone and lower 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,” said Thomas Baudlot, ENGIE Southeast Asia CEO.

Cyberzone Properties is also set to be renamed as Filinvest REIT Corp. (FILREIT) pending regulatory approval.

The company’s portfolio currently includes 17 office buildings, with 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 ₱736 million from ₱1.35 billion last year.

Gross revenues fell 20% to ₱4.54 billion alongside residential revenues, which went down 20% to ₱2.47 billion.

On Wednesday, shares of FLI fell 0.90% or one centavo and closed at ₱1.10 apiece.

SOURCE: Business World