23 Jun 2015
Everbright International Changzhou Xinbei Waste-to-energy Project Phase I Obtains RMB108 Million Subsidy from the National Development and Reform Commission23 June 2015, Hong Kong – China Everbright International Limited ("Everbright International" or the "Group") announced that the Group's Changzhou Xinbei Waste-to-energy Project ("Xinbei Project" or the "Project") Phase I in Jiangsu Province has obtained a subsidy of RMB108 million under the scheme of the "2015 Central Budgetary Investment Plan", which is jointly organized by the National Development and Reform Commission ("NDRC"), the Ministry of Finance and other national ministries.
Xinbei Project was constructed through a joint venture between Everbright International and the state-owned enterprise Changzhou Hi-tech Group Co., Ltd. Everbright International and Changzhou Hi-tech Group hold equity interests of 60% and 40% respectively in the joint venture company. The construction of the Project Phase I began in November 2014 and is designed to have a daily household waste processing capacity of 800 tonnes. It is expected to commence commercial operation in 2016, commanding a total investment of approximately RMB420 million.
Mr. Chen Xiaoping, CEO of Everbright International, said, "After the subsidies given to the Group's Zhenjiang Waste-to-energy Project, Suqian Waste-to-energy Project and Changzhou Equipment Manufacturing Project in 2012; Suzhou Waste-to-energy Project Phase III in 2013; and Ningbo Beilun Waste-to-energy Project Phase I, Nanjing Waste-to-energy Project Phase I, Pizhou Waste-to-energy Project Phase I and Sanya Waste-to-energy Project Phase I in 2014, the Group's Xinbei Project Phase I also obtained a government subsidy from the same funding scheme. This reflects the central government's support and recognition of the Group's efforts in undertaking its environmental and social responsibilities. Leveraging on its state-of-art technology and high quality construction, the Group will continue to build every project to the highest standard, adhere to safe operations and strict compliance to emission standards to set a benchmark in the industry and contribute to the sustainable development of society and the environment."