26 Jun 2017
Everbright Greentech Secures Wendeng Biomass Electricity and Heat Cogeneration Project and Linshu Hazardous Waste Landfill ProjectHong Kong, 26 June, 2017 - China Everbright Greentech Limited ("Everbright Greentech" or the "Company") (HKSE: 01257) is pleased to announce that it has secured Wendeng Biomass Electricity and Heat Cogeneration Project ("Wendeng Project") and Linshu Hazardous Waste Landfill Project ("Linshu Landfill Project") in Shandong Province, the total investment of which will amount to approximately RMB479 million.
According to the investment agreement signed by the Company and the People's Government of Wendeng District in Weihai City of Shandong Province, Wendeng Project will be invested in and constructed on a BOO (Build-Operate-Own) model, and will command a total investment of approximately RMB330 million. The project is designed to have an annual biomass processing capacity of 300,000 tonnes, and is expected to generate around 180,000,000 kWh of green electricity annually.
Meanwhile, the Company signed an investment agreement with the People's Government of Linshu County in Shandong Province to invest in and construct Linshu Landfill Project in two phases. The project has a total designed storage capacity of 700,000 m3. Phase I of the project, with a total investment of approximately RMB149 million, will have a designed storage capacity of 300,000 m3 and a designed annual hazardous waste treatment capacity of 20,000 tonnes.
Mr. Qian Xiaodong, CEO of Everbright Greentech, said, "Everbright Greentech has secured several new projects recently, which demonstrates our strong business development and efficient execution capabilities. Wendeng Project is the Company's first biomass project in Shandong Province. Shandong is a major agricultural province in China, with agricultural lands accounting for more than 70% of the total land area of the province. In addition, as a key production area in China for food crops and cash crops, it has an abundance of agricultural resources, such as wheat, corn, sweet potatoes and peanuts.
We will leverage this project to strengthen our foothold in the biomass integrated utilisation market in the Jiaodong Peninsula."
Mr. Qian Xiaodong added, "Following our hazardous waste incineration project in Linshu secured last year, having secured Linshu Landfill Project shows that our past performance has been recognised by the local government and they have expressed confidence in the 'Everbright' brand. So far, the Company has eight hazardous waste treatment projects in Shandong Province. We believe our strategic planning and strong technical capabilities will lay strong foundations for the Company's steady and rapid development in the future."