18 Aug 2014
Everbright International Signs Letter of Intent for Hangzhou Waste-to-energy Project
Intensify Strategic Deployment in Zhejiang Province and Construct A Pilot Environmental Protection Project18 August 2014, Hong Kong - China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) is pleased to announce that the Group has signed a letter of intent with Zhejiang Hanzhou Urban Construction & Investment Group Co. Ltd. ("Hangzhou Urban Investment") and Zhejiang Hangzhou Yuhang City Construction Group Co. Ltd. ("Yuhang City Construction"). The three parties will establish a project company ("Project Company") for the investment, construction and operation of a waste-to-energy project in Yuhang District of Hangzhou, Zhejiang province ("Yuhang Project").
According to the letter of intent, Everbright International will hold equity interest of 70% in the Project Company, while Hangzhou Urban Investment and Yuhang City Construction will hold equity interest of 20% and 10% respectively. Yuhang Project has a designed total daily household waste processing capacity of 3,000 tonnes and its gas emission will comply with the Euro 2000 Standard.
Mr. Chen Xiaoping, CEO of Everbright International, said, "The signing of the letter of intent further intensified the impact of Everbright International in Zhejiang province as an environmental protection brand. With its extensive experiences in project investment and operating management, the Group will bring its successful operations from Jiangsu province to its neighboring province of Zhejiang, and spare no effort to contribute to more areas in Zhejiang province in terms of social benefits and environmental protection."