China Everbright signs 1.43b yuan deal to expand and upgrade wastewater treatment plant in Qingdao

WASTEWATER treatment company China Everbright Water U9E : U9E 0% has signed a framework agreement with the water authority bureau in the Chinese port city of Qingdao worth 1.43 billion yuan (S$307 million), in relation to a wastewater treatment plant expansion and upgrading project.

A 60 per cent-owned subsidiary of Everbright Water will invest in, construct and operate the project based on a build-operate-transfer model, for a proposed period of 25 years, inclusive of the construction period, the company said in a bourse filing on Friday (Nov 26).

The expansion and upgrading project works will improve the company's Maidao wastewater treatment plant (Maidao Project), situated in Qingdao, in two main aspects.

Firstly, the aggregate wastewater treatment capacity of the Maidao Project will be increased to 220,000 cubic metres a day, with the construction of a new underground wastewater treatment facility.

Secondly, major indicators of Maidao Project's discharged water will be upgraded to comply with China's national environmental quality standards for surface water.

The Maidao Project supported the sailing events of the Beijing 2008 Olympic Games.

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Everbright Water's executive director and chairman Hu Yanguo said the company plans to engage the local community and develop the expansion and upgrading plans into "an iconic water project" that integrates high-quality water treatment facilities and a neighbourhood-friendly park.

Everbright Water shares ended Friday (Nov 26) 3.33 per cent or S$0.01 lower at S$0.29.