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Citic Envirotech secures first river restoration project in Jiangsu, China
CITIC Envirotech has secured its first river restoration project worth 650 million yuan (S$136 million) in Yixing, Jiangsu, China, in a 90:10 joint venture with the Yixing Industrial Park for Environmental Science and Technology Management Committee (YIMC), the company announced on Monday.
With a paid-up capital of 230 million yuan, Citic's subsidiary - Citic Environment Harnessing Valley (Jiangsu) Co, Ltd - will undertake the project via Build-Lease-Transfer (BLT) scheme for a duration of ten years, consisting of two years of construction and eight years of lease.
Yixing Industrial Park for Environmental Science and Technology is located in the Yangtze River Delta and is co-managed by YIMC and supported by China's Ministry of Science and Technology and Ministry of Environment Protection.