The Hong Kong and China Gas Company Limited (Towngas), a gas producer, announced that it will invest 550 million yuan ($79.4 million) in the Foshan Water Environmental Protection Co., Ltd, a joint company of Chinese water supplies, wastewater treatment company Foshan Water Industry Group and investment firm Foshan Financial Investment Holding Co., Ltd, accounting for a registered capital of 26 percent of the project.
Foshan Water Environmental Protection is Towngas’s first water services project in the Greater Bay Area, which is poised to provide opportunities in water services and environmental business, creating synergy within the region for the group.
Towngas said that the investment will accelerate the research and development, and application in the technology of the water industry, generating synergy with the existing business portfolio of the group. The Foshan Municipal Government is implementing a three-year city management action plan through 968 initiatives, involving an investment amount of $50.8 billion.
The plan will present opportunities for Foshan Water Environmental Protection to participate in other public utility and environmental businesses, and related engineering projects, boosting Foshan Water Environmental Protection’s future profitability.