$135m PPP Contract for Hong Kong Based Energy from Waste Firm : 1500 TPD Waste to Energy Deal for Everbright in Zhejiang Province, China
China Everbright International Limited (HKSE: 00257) has recently secured Quzhou waste to energy Project in Zhejiang Province, China under a Public-Private-Partnership agreement.
According to the agreement, the Group will invest in and construct the energy from waste plant with the Housing and Urban-Rural Development Bureau of Quzhou City in Zhejiang Province.
The project will be constructed, operated and maintained by a project company that is jointly established by Everbright International and state-owned enterprises of the People's Governments of Zhejiang Province and Quzhou City, with everbright holding a 70% stake in the project company.
The project represents a total investment of approximately RMB885 million ($135 million) and has an operational period of 30 years (construction period inclusive).
The new waste to energy plant will have a designed daily household waste processing capacity of 1500 tonnes, and is expected to generate over 182,910 MWh of electricity annually with gas emissions to comply with the Euro 2010 Standard.
Circular Demonstration
Quzhou City is one of China's circular economy demonstration cities, international low-carbon pilot cities, and provincial pioneering ecological conservation demonstration zones.
In recent years, as part of its effort to transform from being dependent on heavy industry towards being an ecological city through the implementation of its "ecological conservation" plan, Quzhou City has stepped up its investment to help industries save energy, develop recycling infrastructure construction in industrial parks, push forward ecological progress in urban and rural areas, and most notably, protect the environment.
"Quzhou Project is the sixth waste t -energy project that Everbright International has invested in Zhejiang Province,” noted Mr. Hu Yanguo, CEO of Environmental Energy Sector at Everbright International.
“In addition, Quzhou City is a traffic and logistics hub in the fringe area of four provinces, namely Zhejiang, Fujian, Jiangxi and Anhui, which is the main reason why it is called ‘a thoroughfare for four provinces and a crossing at five major roads', according to an old Chinese saying,” he added.
Heze City
Separately, Everbright also recently signed a supplemental agreement to the concession agreement on a household waste to energy project with the People's Government of Heze City in Shandong Province.
According to the supplemental agreement, the daily household waste processing capacity of Heze waste to energy project will increase to 1500 tonnes from 900 tonnes and the daily processing capacity of the project phase I will be boosted from 600 tonnes to 1000 tonnes.
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