28 Sep 2014
Everbright International Establishes Joint Venture with Sichuan Energy Industry Investment Group
Two Parties Join Hands in Developing Environmental Protection Projects and Improving Development of Local Low-carbon Industry28 September 2014, Hong Kong - China Everbright International ("Everbright International") (HKSE: 00257) is pleased to announced that it has signed a joint venture agreement with Sichuan Energy Industry Investment Group Co., Limited ("Sichuan Energy Industry Investment Group") to establish the Sichuan Everbright Energy Conservation and Environmental Protection Co., Ltd. in Chengdu City of Sichuan Province. The two parties will leverage the joint venture to expand and develop waste-to-energy and other projects in the low-carbon industry in Sichuan Province and surrounding areas.
Sichuan Energy Industry Investment Group is the only conglomerate company in the energy industry under the administration of the State-owned Assets Supervision and Administration Commission of Sichuan Province. It has rich experience in project development in the areas of hydropower, natural gas, biomass power and shale gas etc.. The collaboration with Everbright International will further optimize resource allocation and boost the development of the local economy, society and environmental protection industry in Sichuan Province.
In addition, Everbright International signed a comprehensive strategic cooperation framework agreement with Chengdu Municipal People's Government, cooperation between the two parties on veinous industrial park projects, and agricultural waste and straw integrated utilization projects will be the starting point to initiate a comprehensive strategic cooperation in the areas of energy conservation, environmental protection and alternative energy.
Mr. Chen Xiaoping, CEO of Everbright International, said, "The signing of the joint venture agreement and the strategic cooperation framework agreement implement the comprehensive cooperation agreement signed by China Everbright Holdings Company Limited, the parent company of Everbright International, and the People's Government of Sichuan Province. It will enable Everbright International to put into action its strategic plan of expanding from coastal areas to inland cities and gain a head start in the Group's business development in western China. Everbright International is optimistic on the investment potential and development prospects of Sichuan Province, we consider the cooperation a strong start and believe Sichuan Province is the key focus of our next stage of investment. We will leverage our advantages and cooperate with the Sichuan government at all levels in the environmental protection and alternative energy fields so as to drive the overall development of the local environmental protection industry."