Environmental services firm, China Everbright International Limited (HKSE: 00257), has entered into an equity transfer agreement with two independent third parties for the RMB37.4 million ($5.5 million) acquisition of an 80% stake in the Sanya Food Waste Treatment Project.
The Hong Kong based firm explained that the project is located adjacent to the its Sanya Waste to energy Project.
With a total designed daily food waste processing capacity of 150 tonnes, Phase I of the project will have a food waste processing capacity of 100 tonnes and already has commenced a trial run.
Following the acquisition, Everbright said that it will upgrade the equipment and treatment techniques of the project to enhance its efficiency and discharge standards.
The electricity and steam generated from the Sanya Waste to energy Project will help reduce the operating costs of the food waste plant. In addition, the residue from the food waste treatment will be delivered for coordinated processing at the waste to energy plant.
"The Sanya Food Waste Treatment Project is Everbright International's third food waste treatment project,” noted Mr. Chen Xiaoping, CEO of Everbright International.
“By developing a future synergy with the Sanya Waste to energy Project, the acquisition will improve the project's overall profits and enrich the Sanya Environmental Protection Industrial Park,” he added.
“will develop it into a demonstration food waste treatment project in the city and for the entire Hainan Province," concluded the CEO.
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