Sunpower subsidiary to invest in steam production joint venture in Suzhou
MAINBOARD-LISTED industrial steam provider Sunpower Group 5GD : 5GD 0% is investing in a steam-production joint venture in China, which will supply a guaranteed portion of the output on a wholesale basis to a Suzhou-based subsidiary.
The subsidiary, Zhangjiagang Yongxing Thermal Power Co, will take a 28 per cent stake for 16.8 million yuan (S$3.6 million) in the joint-venture company, the group said on Wednesday (Dec 8).
The subsidiary is partnering waste collection company Suzhou Green Enthalpy Thermal Technology Co, which will hold a 42 per cent interest, and municipal-owned Zhangjiagang Water Group Co, with a 30 per cent interest.
The joint-venture company, Suzhou Green Bright Renewable Energy, will produce steam with general solid waste as feedstock, which Sunpower said would help the Yongxing Plant diversify its sources of steam and also meet "strong and rising demand from customers".
In a statement, Sunpower chief executive Ma Ming called the joint venture a natural step in developing the group's green investments (GI) portfolio.
"It is part of our continuing efforts to steer the development of the GI in the direction of further cultivating and enhancing the quality of our GI project portfolio to achieve better-quality growth and boost the investment returns and value of our assets in the long term," he said.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sunpower shares closed on Wednesday at S$0.47, up by half a Singapore cent or 1.08 per cent, before the announcement.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares
Disney's surprise streaming entertainment profit offset by weaker TV business
Geely, Foretellix partner to jump-start self driving car development
US: Wall Street opens slightly higher on rate cut optimism