Citic Envirotech bags 134m yuan project in Guangdong

CITIC Envirotech (CEL) has landed a 134 million yuan (S$26.95 million) public-private partnership (PPP) project in Maoming City, Guangdong province to design, construct and operate a wastewater treatment plant.

With a capacity of 45,000 cubic metres a day, the plant will use membrane bioreactor technology to treat the wastewater to Grade 4 surface water discharge standard.

Citic Envirotech Water Resource (Maoming) Co, with a registered capital of around 40.16 million yuan, will be set up to undertake the project. CEL will own 70 per cent of the project company, while the local government will own the remainder.

Construction will start immediately and is scheduled to be completed in one year, said CEL. The project comes with a service concession of 30 years with guaranteed and fixed revenues. 

The capital injection for the investment will come from the proceeds of a recent S$70 million share placement and bank financing.