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China Everbright International Limited has announced that it has signed a concession agreement with the Urban Administration Committee of Hangzhou City to invest and construct a household waste-to-energy project in Yuhang District of Hangzhou City.
Yuhang Project will be constructed through a joint investment by Everbright International, Hangzhou Environmental Group Co., Ltd. and Hangzhou Yuhang City Construction Group Co. Ltd..
Everbright International will hold an equity interest of 70%, Hangzhou Environmental and Yuhang City Construction will hold equity interests of 20% and 10% respectively.
With a total investment of RMB1.8 billion (US$293 million), Yuhang Project has a designed total daily household waste processing capacity of 3,000 tonnes. It is expected to generate green electricity of over 290,000,000 kWh annually. The project will be constructed on a BOT (Build-Operate-Transfer) basis for 30 years, and its gas emission will comply with the Euro 2000 Standard.
Following the Ningbo Beilun and Ninghai waste-to-energy projects, Yuhang Project is the third waste-to-energy project the Group has secured in Zhejiang Province and will be mainly responsible for processing part of the waste produced in downtown Hangzhou. The project is one of the largest waste-to-energy projects in China to be completed in one phase as well as the Group's largest waste-to-energy project to be completed in one phase to date.
Mr. Chen Xiaoping, CEO of Everbright International, said:
"Since Everbright International's first waste-to-energy project commenced operation in 2005, the Group has adhered to the principle of 'An Enterprise is not only a Creator of Wealth, but also the Safeguard of Environmental and Social Responsibility' and has been committed to maintaining safe production and stable operations in compliance with discharge standards. This is with the aim of developing every project into a pilot project which can exist harmoniously alongside the local residential community."
Mr. Chen added:
"We are delighted to have secured Yuhang Project and we will continue to adhere to the Group's business philosophy and develop each environmental protection project with a strong sense of social responsibility. In addition, the Group will make Yuhang Project a pilot project with first class high quality operation standards and a new industry benchmark so as to make a greater contribution to local social development and environmental protection."