China Water Industry Group has reached a deal to acquire biomass energy group Taiyuan Yuantong Bioenergy for 13.6 million yuan ($2 million) to “strengthen its market position in the renewable energy industry”.
Taiyuan Yuantong Bioenergy is mainly engaged in biomass energy project development, landfill gas utilisation and the sale of landfill gas products, according to a recent missive from the company.
China Water Industry Group is an investment holding company, organised into five business divisions: provision of water supply and sewage treatment; construction of water supply and sewage treatment infrastructures; assets in financial and investment products; trading of watches and accessories; and ‘others’.
The Exploitation and Sale of Renewable Energy division is mainly engaged in the sale of electricity and compressed natural gas from biogas power plants.
The company is also engaged in the trading, property development business, as well as the provision of information and administrative services through its subsidiaries.
The water supplier said it will buy the target entity from Shandong Yuantong Bioenergy, which is a joint venture between JAPEX and BECE Legend Group.