Hong Kong-based firm looks to sell its Chinese waste-to-energy business.
C&G Environmental Protection Holdings, which owns and operates waste-to-energy (WTE) facilities in China and Southeast Asia, has proposed the sale of its waste-to-energy business in China.
In a release, the company says the move will allow the company to reposition itself to focus on the expansion of its business in Southeast Asia.
The release notes that C&G has entered a legally binding framework agreement with Grandblue Environment for the 100 percent sale of its equity in C&G Environmental Protection. Lin Yan, executive chairman and group CEO of C&G, says that through the strategic arrangement the company will become the second largest shareholder in Grandblue, enabling a change of the company’s business platform to hold its WTE business in China through Grandblue.
Yan adds that the experience gained from waste-to-energy projects will reposition and expand C&G’s energy recovery and other environmental-related businesses. “We have already made some inroads into Thailand, securing our first WTE energy project in Nong Khaem Bangkok with a daily capacity of 500 metric tons and incorporating our energy management company in this country last year.”