(Yicai Global) June 23 -- China Tianying, a waste treatment service provider, has won the bidding for a EUR225.5 million (USD254.5 million) garbage incineration project in France, it’s second deal in the country so far this year.

Two of Tianying’s wholly owned units, Urbaser Environnement in France and Urbaser in Spain, will form a joint venture to provide 20 years of waste incineration power-generation services for Pau, a city in southwestern France, the Jiangsu province-based company said in a statement today. The deal is expected to further boost Tianying’s European market share.

In April, Urbaser signed a EUR216 million contract to operate a waste incineration power plant near Paris. Following that news, Tianying’s shares [SHE: 000035] surged as much as 10 percent, the daily exchange-imposed limit. Today, they gained 1.4 percent to close at CNY5.04 (71 US cents) each. The benchmark Shenzhen Component Index rose 0.8 percent.

Tianying bought Urbaser, a global environmental protection giant, for CNY8.9 billion (USD1.26 billion) in July 2018 in China’s largest ever overseas acquisition in the sector. Madrid-based Urbaser focuses on urban solid waste treatment, a field in which it ranks sixth in the world. It has business in more than 20 countries in Europe, North and South America, Asia and Africa.

Editor: Peter Thomas