ADB, China Everbright in energy generation deal

BEIJING - The Asian Development Bank and China Everbright International Ltd signed a loan agreement in Beijing on Monday to fund projects in China that will generate power by incinerating municipal and agricultural waste.

Under the deal, China Everbright will receive $200 million from ADB and the United Commercial Bank for domestic waste-to-energy projects aiming at burning 7,300 tons of refuse a day.

The projects are expected to generate 1.24 billion kilowatt hours every year through 2016, according to China Everbright International.

Environment and sustainable development feature on ADB's agenda for 2020, and the company will support China's construction of ecological civilization, in line with the strategy of the Chinese government, said Hamid L. Sharif, country director for ADB's Resident Mission in China.

Together with $200 million invested by ADB in the work in 2009, China Everbright International has so far invested in 20 WTE projects across the country, according to Chen Xiaoping, executive director of the firm.

China produces more agricultural waste than any other country in the world. The crop straws it packed in 2010 alone amounted to 700 million tons. It also produces about 200 million tons of municipal solid waste a year.

China Everbright is also seeking to extend its waste treatment technology to other Asian countries, added Chen.