Everbright International will construct the Yuhang project in through a joint investment by Hangzhou Environmental Group and Hangzhou Yuhang City Construction Group.
Everbright will own 70% equity interest in the project while Hangzhou Environmental and Yuhang City Construction will hold equity interests of 20% and 10% respectively.
Everbright International CEO Chen Xiaoping 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.
"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."
The RMB1.8bn ($292.95m) Yuhang Project has 3,000 tons of daily household waste processing capacity and would generate green electricity of over 290,000,000 kWh annually.
Scheduled to be constructed on a BOT (Build-Operate-Transfer) basis for 30 years, the project will mainly process part of the waste produced in downtown Hangzhou.
