China: CITIC Envirotech secures first river restoration projectProject Updates // January 11, 2017
The Board of Directors of CITIC Envirotech Ltd has announced that the group has secured its first river restoration project in Yixing, Jiangsu, China. The contract is worth RMB 650 million.
The company will set up a 90:10 joint venture company with the Yixing Industrial Park for Environmental Science and Technology Management Committee (YIMC) to undertake the project.
CITIC Environment Harnessing Valley (Jiangsu) Co Ltd, which has a paid-up capital of RMB 230 million, will undertake the project via a Build-Lease-Transfer (BLT) scheme.
Under the BLT arrangement, the duration of the project is 10 years and consists of two years of construction and 8-years lease.