11 Jan 2012
Everbright International Has Obtained Support from Asian Development Bank and Six Other Banks
To Develop its Waste-to-energy ProjectsChina Everbright International Limited ("Everbright International" or "the Group"), is pleased to announce that on 11 January 2012, the Group has reached an agreement with the Asian Development Bank ("ADB") and six other banks. Pursuant to which, a US$100 million B loan ("the Loan") will be provided to the Group to support its continuous development of the waste-to-energy plants and ADB is the lender of record.
The loan is only part of ADB's financing package to the projects. In 2009, ADB had already provided the Group a US$100 million A loan (the "A Loan") and a technical assistance of US$600,000 from the Clean Energy Fund under ADB Clean Energy Financing Partnership Facility. The A Loan had already been utilized for the Jinan, Jiangyin Phase II and Zhenjiang Waste-to-energy Projects.
Mr. Chen Xiaoping, Chief Executive Officer of Everbright International, said, "Everbright International is grateful for the strong support from ADB and the six other banks. This capital infusion can strengthen the Group especially in view of the current uncertain global economic environment. This support also clearly demonstrates that the achievements of Everbright International in the waste-to-energy sector in recent years have gained wide recognition across all sectors of society. With abundant capital on hand, we are better positioned to capture the opportunities in relation to the encouragement of utilization of incineration to energy and heat supply resources arising from the "Notice of the Twelfth Five-Year Plan of the State Environmental Protection" issued on 15 December 2011 to further develop business in the waste-to-energy sector. We endeavor to construct, operate and manage all our projects using clean technologies to reduce solid wastes and transform these wastes into energy in China with an aim to create a livable environment."