Capital Environment (03989) said it entered into a legally binding strategic cooperation framework agreement for the integrated utilization project of biomass resources in Yichun with Yichun People's Government in Heilongjiang Province.
Capital Environment intends to set up a project company for the investment in and construction of the project, so as to invest and construct 3 to 4 biomass power plants with daily processing capacity of 600 tonnes each in Xiaoxinganling Region, Shuangfeng Forestry Bureau and other regions, which are administrated by Yichun People's Government of Heilongjiang Province.
The proposed total investment is about Rmb1.5 billion with total installed capacity of 120MW and annual power generation of 0.8 billion kWh. The investment of the project will be implemented phase by phase according to the principle of "constructing project once it is mature".
Capital Environment has applied for the resumption of trading in shares this afternoon.
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