(Yicai Global) Oct. 12 -- Boiler manufacturer China Western Power Industrial Co. [SHE:002630] (CWPC) signed a USD459 million (GBP346 million) construction contract with Peterborough Green Energy Ltd. (PGEL) to build a waste-fueled power plant on Oct. 10.
The Sichuan-based group said that it will construct a 36-megawatt household waste-fueled power plant, and that the construction period is expected to be 37 months.
PGEL will pay GBP100 million and 20 percent of the contract value in an advance payment to CWPC as seed money for the project. PGEL will fork over the remaining amount two years after the plant achieves commercial operation or sooner.
CWPC has completed dozens of waste-fueled power plant projects at home and abroad. The company said that the signing of the new contract indicates that developed countries in Europe have recognized its products and services and this will significantly enhance the firm's overseas popularity.
The contract, whose value accounts for 88.47 percent of company's gross revenue for last year, will boost the group's performance from next year to 2020.