Chinese state-backed conglomerate China Everbright has signed a loan agreement with the Asian Development Bank (ADB) to back the company’s waste ventures in China.
The ADB is set to provide a $200 million 10-year loan facility to finance Everbright’s waste-to-energy projects in the country. Half of the loan is being provided directly by the ADB. The remaining $100 million is being provided by a group of commercial banks. In addition to the loan, the ADB will provide Everbright with technical advisory services on the waste projects.
China Everbright is currently working on waste projects in Jinan, Zhenjiang and Jiangyin. Upon completion of the projects, China’s waste-to-energy processing capacity will increase by 80 percent.
Everbright is also working in collaboration with Macquarie Group on the raising of two China-focused infrastructure funds. The funds, the first of which will be in dollars and the second RMB-denominated, intend to raise a combined total of $1.5 billion and are each aiming for a first close in 2010.