SIIC Environment sets up JV for waste-to-energy project in China

The project has a designed capacity of 1,200 tonnes per day.

Water treatment and environmental protection company SIIC Environment Holdings, through its subsidiary, Shanghai Fudan Water Engineering Technology Co. (Fudan), has established a joint venture company (JV Co) Shen County SIIC Environmental Energy Co. together with World Prosperous Investments, Shanghai Nanyi Environmental Technology Company, and Shandong Sanding Company, an announcement revealed.

The JV Co will primarily engage in investment, construction and operation of the waste-to-energy project with a designed capacity of 1,200 tonnes per day. It will be located at the Circular Economy Industrial Park in Shen County, Shandong Province in mainland China.

According to SIIC Environment, the JV Co will be incorporated with a registered capital of $15.63m (RMB105m), of which 51% of the equity interest or $7.97m (RMB53.55m) will be contributed by Fudan. Shanghai Nanyi Environmental and World Prosperous will hold 24% and 20% in the JV Co, respectively, whilst Shandong Sanding will hold 5%.

The contribution to be made by Fudan for the incorporation of the JV Co will be funded by the internal resources of the Group, the announcement added.