CSE, Shanghai Electric to buy stakes in UK waste-to-energy co
Author: Suez Environment. License: All rights reserved.
China Smarter Energy Group Holdings Ltd (HKG:1004), or CSE, and power producer Shanghai Electric Group Co Ltd (SHA:601727) have unveiled plans to purchase stakes in a developer of waste-to-energy projects in the UK.
Investment holding firm CSE said in a statement on Friday that it will take control of up to 55% in GreenEfW Investments Ltd. Under the terms of the cooperative framework agreement, signed on September 25, Shanghai Electric will acquire a 15% equity stake in the target.
GreenEfW will issue new shares to the two Chinese companies, equal to the respective interests. It will then use the proceeds to support its pipeline of waste-to-energy project in the UK.
The first plant will be located in Cornwall Bio-Park Development, Scorrier, Cornwall. With a new export capacity of 4 MW, it is estimated to be capable of processing up to 40,000 tonnes of local waste annually. Shanghai Electric is expected to provide engineering, procurement and construction (EPC) services for the facility.