New | China’s Canvest Environmental Protection to buy waste-to-energy plant

Canvest Environmental Protection Group said on Wednesday its wholly-owned subsidiary Dongguan Kewei Environmental Power has agreed to buy a waste-to-energy plant in Laibin city, Guangxi Province for 73.3 million yuan (HK$91.61 million).

The company said it agreed to acquire Laibin Zhongke Environmental Power, which owns the plant in Laibin, from two parties - Fujian Zhongan Tongyong Energy Environmental Protection and Beijing China Sciences General Energy & Environment.

The waste-to-energy plant is under a build-operate transfer concession right in Laibin City, Guangxi Province. The concession right is for a term ending in April 2034.

The transfer of the equity interest in Laibin Zhongke is subject to approval from the Municipal Administration of Laibin City.

Canvest said the acquisitions will enable the company to broaden its income source and strengthen its asset base after the technological upgrade. It can also extend the geographical coverage to Guangxi Province which is an important step to develop the local market in the future.