China Everbright International Limited has announced today that it has signed an investment agreement for the Kunshan Industrial Hazardous Waste Incineration Project with the People's Government of Zhangpu Town, Kunshan City of Jiangsu Province.
The Group has also entered into a joint venture agreement for the Kunshan Hazardous Waste Incineration Project with Kunshan City Water Group Co. Ltd., Kunshan Zhangpu Assets Management LLC and Nanjing Dingye Investment Group Co. Ltd. Everbright International, Dingye Group, Kunshan Water and Zhangpu Assets will hold equity stakes in the joint venture of 55%, 30%, 10% and 5% respectively.
Kunshan Hazardous Waste Incineration Project is designed with an annual incineration processing capacity of 30,000 tonnes and will be constructed in two phases. Phase I of the project has an annual hazardous waste processing capacity of 20,000 tonnes with a total investment of approximately RMB253 million. The project will deploy the newly imported hazardous waste countercurrent rotary kiln technology from Belgian company BIC and its gas emissions will fully comply with the Euro 2000 Standard.
Mr. Chen Xiaoping, CEO of Everbright International, said,
"Given the large market size of Jiangsu's hazardous waste treatment market, the local government is committed to strengthening the standardized management of hazardous waste. Since Everbright International's Suqian Hazardous Solid Waste Landfill Project, the first of its kind in northern Jiangsu commenced operation, the Group has continued to create new channels to process hazardous waste in northern Jiangsu by developing high standard demonstration projects. In addition, the completion of Guanyun Hazardous Waste Landfill Project Phase I has further contributed to mitigating the environmental pollution caused by hazardous waste and ensuring the protection of the region's environment."
"Kunshan Hazardous Waste Incineration Project is a good example of the PPP (Public-Private Partnership) and mixed-ownership model, and very significant for the Group's further development. We will draw on the complementary strengths of our partners to improve environmental protection-related technologies and operating standards, and achieve the goals to create an optimum economic and social environment."