Megawide Construction Corporation is teaming up Singapore-based Evolution Data Centres (EDC) to design, build and operate a P16.5 billion carrier-neutral data center in the Philippines.
In a disclosure to the Philippine Stock Exchange, Megawide said it has signed a shareholders agreement with EDC where it will get a minority 49 percent stake in operating company Evolution Data Centres Philippines, Inc. (OpCo) and a 60 percent interest in landholding firm Evolution DC Capital PTE Ltd. (EDCC).
The Project involves the long-term development of a 69-megawatt colocation data center in Cavite, with Phase 1 covering a 23-megawatt deployment spread over 5 years inside a 4-hectare property.
Subject to the approval of the Philippine Competition Commission, and the fulfillment of the Closing Conditions under the Agreement, Megawide and EDC will enter into subscription agreements pursuant to which each of them will subscribe and pay for shares in OpCo and in LandCo.
EDC is among the fastest growing players in large-scale digital infrastructure development, deploying data center capacity, at scale, across multiple high growth markets in Asia-Pacific.
“Megawide is very excited about this venture because it represents the company’s first investment in the digital infrastructure space. Digitalization has greatly affected enterprises and consumers alike and data centers are at the very core of this new reality,” said Megawide Chief Business Development Officer Jaime Feliciano.
He added that EDC’s technical expertise in the data center industry combined with Megawide’s design, engineering, and construction experience, will be a key advantage to ensuring the success of this partnership.
“Rising data consumption and strong governmental support for digital transformation are causing hyper-scalers and cloud service providers to consider the Philippines as they expand their operations,” said EDC Chief Executive Officer Darren Webb.
He added that, “At EDC, we are passionate about building and operating hyper-scale, sustainable data centers, across Southeast Asia. We are delighted to be partnering with Megawide to develop this innovative data center in this exciting high-growth region.”