29 Nov 2011
Everbright International Obtains Support from Zhenjiang Municipal Government
Waste Processing Fee Rose by 8.3%China Everbright International Limited ("Everbright International" or "the Group") is pleased to announce that the waste processing fee of the Zhenjiang Household Waste-to-energy BOT Project ("Zhenjiang Project" or "the Project") has been approved by the Zhenjiang Municipal Government to have an increment of 8.3%.
In light of changes in external factors during the construction period of Zhenjiang Project and the increase in price index, and after consulting Zhenjiang Municipal Bureau of City Administration, the Group proposed an 8.3% increment of the waste processing fee which has been approved by the municipal government in accordance with the Concession Agreement of the Zhenjiang Household Waste-to-energy Plant.
The total investment of Zhenjiang Project was approximately RMB413 million. The Group has obtained the concession right of operation for a period of 30 years. With a designed waste processing capacity of 1,000 tonnes per day, the project is designed to supply no less than 100,000,000 kilowatt-hours of electricity to the power grid per year during the concession period. The project is equipped with three furnaces each with a daily processing capacity of 350 tonnes and two 12,000 kilowatt-hours generators. After the Project was connected to the power grid and commenced electricity generation on 26 August 2011, its environmental indices have complied with EU II standards which are even more stringent than the national standards in China. With state-of-the-art WTE technology, sophisticated operations management and effective government supervision, the Project has achieved zero pollution of exhausts, flying ash and leachate.
Mr. Chen Xiaoping, Chief Executive Officer of Everbright International, said, "Everbright International has always believed that an enterprise is not only the creator of wealth, but also the safeguard of environmental and social responsibility. The price adjustment once again demonstrates that our corporate philosophy has gained wide recognition among local governments and appreciation within the community. After years of dedicated efforts, Everbright International has established a number of environmental demonstration projects in the country, earning the trust and support of local governments. The Group will capitalise on the completion of construction and commencement of operation at the Zhenjiang Project to boost the development of the Zhenjiang Environmental Protection Veinous Industrial Park and other low carbon emission projects, and play a major role in environmental protection within Zhenjiang as well as the PRC."