16 Jan 2012
Everbright International Gains Support from the National Development and Reform Commission in Entering Environmental Protection Industry Midstream Segment
Changzhou Equipment Manufacturing Project Has Obtained Approval for a Subsidy of RMB9.7 Million from the 2012 Strategic Emerging Industries Fund (Energy Saving and Environmental Protection)China Everbright International Limited ("Everbright International" or "the Group"), has announced that the Group's environmental protection equipment manufacturing project ("the project") has obtained approval for a subsidy of RMB$9.7 million earmarked from the 2012 Strategic Emerging Industries Fund (Energy Saving and Environmental Protection) by the National Development and Reform Commission (NDRC).
During the evaluation leading to the approval of the capital injection, NDRC conducted an site visit at Everbright International's operating environmental project and had high praise for the construction quality and operation standards.
The Group's Changzhou environmental protection equipment manufacturing project occupies an area of 50 acres at a total investment of RMB135 million. The project is to be built in two phases, with Phase I commanding an investment of RMB89 million and is expected to be completed and commence operation in the first half of 2012. Upon completion of construction, the project will become the R&D, design and production centre for Everbright International's core environmental protection equipment. This equipment would encompass the household waste-to-energy, biomass power generation, leachate treatment system, gas treatment system and the sludge treatment systems deployed in urban household waste water treatment plants. The equipment produced at the project is capable of processing 3,000,000 tonnes of waste and generating 1.9 billion kilowatt-hours of green electricity a year. This electricity can meet the needs of 510,000 households per year and save the equivalent of approximately 750,000 tonnes of coal and reduce carbon dioxide emissions by approximately 1,640,000 tonnes.
Mr Chen Xiaoping, Chief Executive Officer of Everbright International, said, "Everbright International's environmental protection equipment manufacturing project marks a milestone in the Group's extending its business from the downstream to the midstream of the environmental protection industry. The project will help drive the Group's development of downstream operations while generating regional employment and economic growth. More importantly, it can also advance the sustainable development of environmental protection and bring substantial benefits to the economy and society in China."
He added, "Everbright International's securing of capital support from the budget of the Central Government is a clear endorsement of our contribution to environmental protection. It also gives us a strong boost to develop the environmental protection equipment manufacturing business. Capitalising on our innovation, we will enhance our ability to develop and manufacture a range of environmental protection equipment to consolidate our leading presence in the environmental protection industry and make bigger contribution to environmental protection in China."