Beijing, March 5, 2012
—IFC, a member of the World Bank Group, has subscribed to warrants worth around Singaporean $6.3 million in C&G Environmental Protection Holdings Ltd. for its waste-to-energy projects to support renewable energy development in China.
According to a conditional agreement, C&G will issue 34,008,108 unlisted warrants to IFC at an exercise price of Singaporean $0.185 per share, totaling around Singaporean $6.3 million. Upon exercise of all the warrants, these new shares will represent 3.38 percent of the then issued share capital. C&G will use the proceeds as working capital to support five existing waste-to-energy power plants and five such plants under construction across China, half of them located in inland regions.
“We are delighted to welcome IFC on board as a strategic investor with global knowledge and credibility,” said Mr. Lin Yan, Executive Chairman and Group CEO of C&G, “We look forward to partnering with IFC to explore oversea markets, especially among Asian emerging countries, which is a strategic priority for C&G’s future growth.”
By end-2016, C&G’s power plants are expected to generate 400 gigawatt hours of electricity annually by burning municipal solid wastes, helping avoid 30,000 tons of greenhouse gas emissions every year.
“IFC is keen to work with C&G to strengthen its environmental and social performance as well as corporate governance,” said Mr. Rashad Kaldany, Vice President for Global Industries who signed the agreement on behalf of IFC. “Together we will support the renewable energy development in China and seek opportunities to replicate C&G’s model in other emerging markets.”
Headquartered in Hong Kong SAR, China, and listed on the Singapore Stock Exchange since 2005, C&G Environmental Protection Holdings Limited (formerly C&G Industrial Holdings Limited) constructs, operates and maintains waste incineration power plants for the treatment of municipal solid waste under Build-Operate-Transfer investments schemes in mainland China. C&G is committed to environmental preservation and to improving the quality of people’s lives by using latest waste treatment technologies.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
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