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CITIC Envirotech wins 720 million yuan project in Guangdong Province
CITIC Envirotech (CEL) has landed a 720 million yuan (S$151.64 million) public-private partnership (PPP) project in Yunfu City, Guangdong Province.
The project will require it to construct and operate four wastewater treatment plants, about 600 wastewater treatment stations and wastewater collection piping networks and to construct 35 new villages.
CEL will hold an 88 per cent stake in the project company that will be formed to undertake the project, while the local government will own the rest.
The capital injection required will come from the proceeds of its recent S$70 million share placement and bank financing, said CEL.
Construction will start in September this year and is slated for completion completed by August 2020. The project comes with a service concession of 28 years with minimum guaranteed and fixed revenue.
The Chinese-government backed project is part of the province's efforts to to develop the villages and townships in Yunfu City by 2020. "It is the first environmental protection PPP project in the region, and has strong governmental policy and financial support," added CEL.