05 May 2016
Everbright International Obtains RMB57 Million Subsidy from NDRC5 May 2016, Hong Kong - China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) is pleased to announce that the Group has obtained a subsidy of RMB57 million under the 2016 Central Budgetary Investment Plan, which is jointly organized by the National Development and Reform Commission ("NDRC"), the Ministry of Finance and other national ministries. From the subsidy obtained, RMB32 million and RMB25 million were allocated to the construction of the Group's Pingdu Waste-to-energy Project ("Pingdu Project") Phase I and Nanjing Waste-to-energy Project ("Nanjing Project") Phase II, respectively.
Everbright International won the bid for the Pingdu Project with the leading score in the overall bidding process in February 2015 and Phase I of the project commenced construction in December last year. The total investment of project Phase I amounted to approximately RMB360 million, with a designed daily household waste processing capacity of 600 tonnes. It is expected to generate 70,000,000 kWh of green electricity annually and all gas emissions will comply with the Euro 2000 Standard.
The construction of Nanjing Project Phase I was completed and commenced operation in June 2014 following a RMB20 million subsidy from the 2014 Central Budgetary Investment Plan. In order to deal with waste disposal effectively as a result of the city's rapid development, Everbright International and the Nanjing Municipal Government signed an agreement to expand the project phase II in 2014. The total investment of project Phase II amounted to approximately RMB987 million, with a designed daily household waste processing capacity of 2,000 tonnes. It is expected to generate 227,000,000 kWh of green electricity annually and all gas emissions will comply with the Euro 2000 Standard. The construction of Nanjing Project Phase II commenced in December 2015 and is expected to complete in 2017.
Mr. Chen Xiaoping, CEO of Everbright International, said, "Thirteen environmental protection projects of the Group have obtained a subsidy for the construction under the Central Budgetary Investment Plan since 2012, which demonstrates the government's strong recognition of Everbright International's excellent project designs, state-of-the-art technology, advanced equipment and high quality construction standards. The Group will continue to build every project to the highest standards, adhere to safe operations and strict compliance to emission standards to set a benchmark in the industry and contribute to the sustainable development of the society and the environment."