SUEZ environnement and its partner NWS Holdings Limited have signed a preliminary cooperation agreement with Chongqing Water Assets Management Co. Ltd. in order to create a joint entity aimed at investing in the water and environmental sector in China.
Chongqing Water Assets Management Co., Ltd. (CWA) is a large state-owned enterprise which consolidates state-owned water-related assets, hydraulic assets and Sanfeng Environment Group of Chongqing. It is a key state-owned enterprise which undertakes responsibilities of building, designing and managing projects of urban/suburban water supplies, wastewater treatment, solid waste incineration and treatment. It is also a key investment and development platform for Chongqing municipal infrastructure.
NWS Holdings Ltd is the infrastructure and service flagship company of New World Development Company Ltd and operates businesses in Hong Kong, Mainland China and Macau.
Via Chongqing Suyu Business Development Company Ltd, a 50/50 joint venture between SUEZ and NWS, the new company,known as Derun Environment, has signed an investment cooperation agreement with CWA.
Jean-Louis Chaussade, the CEO of SUEZ environnement, commented:
“This agreement is a turning point in the cooperation between SUEZ environnement, CWA and NWS. SUEZ environnement, which has been present in China for more than 30 years, is determined to further improve the development of the environmental industry in Chongqing but also in all Mainland China. Our Group will bring, its experience and operational know how, and will become a leader in this country; this strategy matches perfectly with the new incentives in matter of environmental regulations norms highlighted by the Chinese government in its 5 years plan.”
The parties will keep on working with a view to entering into a definitive investment agreement for the investment into Derun Environment. Post transaction this will include, among other assets, and 50.1% equity interest in Chongqing Water Group Co. Ltd. The latter is listed at the Shanghai stock exchange and provides water and wastewater treatment services in the Chongqing urban area.
The deal also includes a 67.085% equity interest in Chongqing Sanfeng Environment Industry Group Co. Ltd., a Chongqing-based company and a leader in waste-to-energy projects in China.
SUEZ said Derun Environment is expected to become a platform operating environmental-related businesses, potentially including renewable resource recycling and utilisation pollution control, soil remediation, environmental technology development, waste treatment and waste-to-energy project investment.
The agreement is in line with previous strategic framework agreements signed with CWA, and remains subject to a number of condition precedents and final approval of all the parties at a later stage.
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