Agreement to Fund Energy from Waste in Small & Medium Size Cities : Asian Development Bank Deal for Chinese Waste to Energy Projects
An agreement with 10 commercial banks to support Chinese firm Dynagreen Environmental Protection Group’s advanced waste to energy projects in China has been agreed with the Asian Development Bank (ADB).
The ADB said that a $100 million onshore local currency complementary loan agreement was also signed, marking its inaugural onshore local currency complementary loan syndication in the PRC and is in addition to an A-loan of up to $100 million equivalent in yuan financed from ADB’s ordinary capital.
ADB acts as the lender of record through the local currency complementary loan structure. The bank is also providing a technical assistance grant of up to $500,000 to enhance Dynagreen’s corporate governance system.
“The agreement signed today will improve solid waste management in PRC’s smaller cities, and also increase energy generation from renewable sources to help diversify the country’s energy mix,” said Diwakar Gupta, ADB’s Vice-President for Private Sector and Cofinancing Operations.
The financing package will help the development of waste to energy projects in small and medium-sized cities based on public-private partnership with smaller municipal governments, reducing greenhouse gas emissions, as well as soil and groundwater contamination.
Dynagreen, the environmental infrastructure arm of Beijing State-Owned Assets Management Company, will develop and operate waste to energy facilities under public-private partnership arrangements. The project includes the construction of at least nine technically efficient and environmentally sustainable WTE plants generating around 610 GWh of electricity a year by 2018 using clean technologies.
The local currency complementary loan syndication was arranged by Bank of Tokyo-Mitsubishi UFJ and oversubscribed with participation by 10 commercial banks including Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Cathay United Bank, CTBC Bank, Shanghai Pudong Development Bank, Fubon Bank, Hang Seng Bank, Shinhan Bank, Sumitomo Mitsui Trust Bank, and Korea Development Bank.
ADB, based in Manila, said that it is dedicated to reducing poverty in Asia and the Pacific through economic growth, environmentally sustainable growth, and regional integration.
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