Sunpower Group’s subsidiary Zhangjiagang Yongxing Thermal Power has entered a joint venture with Suzhou Green Enthalpy Thermal Technology and Zhangjiagang Water Group to produce steam using general solid waste as feedstock, the company said in a filing to SGX Wednesday.
Zhangjiagang Yongxing Thermal Power, called Yongxing Plant, will hold a 28 percent stake in the joint venture, while Suzhou Green Enthalpy will hold 42 percent and Zhangjiagang Water Group will own 30 percent, the filing said.
The joint venture’s registered capital is around 60 million yuan and Yongxing Plant’s investment is estimated at 16.8 million yuan, the filing said.
“The investment in the JV will enable Yongxing Plant to diversify its sources of steam while the additional steam supply from the JV will help it meet the strong and rising demand from customers within its coverage area and deliver additional investment returns for the group,” Sunpower said in the statement.
“In addition, the use of general solid waste will further diversify Yongxing Plant’s feedstock mix and solidify its exclusive position in providing ‘clean and green’ steam to the downstream customers,” Sunpower said.