23 Mar 2014
Everbright International Wins Xinbei Waste-to-energy Project in Changzhou City
Strengthens Regional Synergy and Further Consolidates the Group's Strategic Position in Jiangsu Province23 March 2014, Hong Kong – China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) is pleased to announce that it has signed a concession agreement with the Xinbei District Municipal People's Government of Changzhou City, Jiangsu Province for the investment and construction of a household waste-to-energy project in the Xinbei District of Changzhou City ("Xinbei Project" or the "Project").
Xinbei Project will be constructed through a joint venture between Everbright International and the state-owned enterprise Changzhou Hi-tech Group Co., Ltd. ("Changzhou Hi-tech Group"). Everbright International and Changzhou Hi-tech Group will hold equity interests of 60% and 40% in the joint venture company, respectively.
The Project is designed with a total daily household waste processing capacity of 1,500 tonnes, and it will be built in two phases. Phase I is designed with a daily household waste processing capacity of 800 tonnes and green electricity generation of over 90,000,000 kWh annually. The total investment of the Project Phase I is approximately RMB420 million. The Project will be invested in BOT (Build-Operate-Transfer) basis for 30 years and its gas emission will fully comply with the Euro 2000 Standard.
Mr. Chen Xiaoping, CEO of Everbright International, said, "Xinbei Project is Everbright International's second waste-to-energy project in Changzhou City. Xinbei District of Changzhou City is experiencing high-speed economic growth, and the Project will help to improve the local environment and target effective reduction, recycling and harmlessness treatment of household waste in Changzhou City. Also, Xinbei Project is situated in a convenient location approximately 50 kilometers from the Group's three waste-to-energy projects in Changzhou, Jiangyin and Zhenjiang, which creates a regional synergy and allows centralized management to effectively lower costs. The Group will continue to leverage its excellent management team and leading technology to achieve optimum economic and social benefits for the Xinbei Project, as well as contribute to local social and economic development and environmental protection."