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Citic Envirotech secures 4.6b yuan China project
CITIC Envirotech (CEL) bagged its largest project to date in Lanzhou City, China worth 4.6 billion yuan consisting of a public-private partnership project for wastewater treatment and an engineering procurement and construction project for land remediation.
The wastewater treatment project involves the investment, upgrading and expansion of an existing conventional 200,000 cubic metres/day municipal wastewater treatment plant (WWTP) into a 400,000 cu m/day underground WWTP using CEL's proprietary Membrane Bioreactor technology.
The land remediation project involves the provision of land clean-up services as well as the planning, designing and implementation of an ecological environmental system for about 124,000 sq m of land located in Anning District of Lanzhou City.
The project will commence immediately, and is expected to be completed within two years. The capital injection of the above project is from internal resources and bank financing, and has no material effect on the net tangible assets per share or earnings per share of the company for the financial year ending Dec 31, 2017.
Lin Yucheng, group CEO and executive director of CEL, said: "We are seeing the trend for more big scale PPP (public-private partnership) projects in China to package various environmental aspects such as wastewater treatment and recycling, river restoration, land remediation and waste management into a single project to deliver a holistic solution."
In addition to its membrane technology for water treatment, he added, CEL is also expanding its technology footprint into waste management, river restoration and ecological remediation to tap into the "huge business potential" in this area.