WM acquires stake in China’s waste-to-energy market
Waste Management (WM) and Shanghai Chengtou Holding (SC
Holding) announced the signing of an agreement for WM
to purchase 40 percent of Shanghai Environment Group
(SEG), a provider of environmental services in China,
from SC Holding.
Earlier this year SC Holding announced its intent to
seek a foreign joint venture partner in SEG. After a
formal selection process, WM was awarded the bid and
together both companies will manage and operate SEG to
pursue waste-to-energy opportunities and offer other
waste services throughout China.
“SC Holding and SEG are great partners for us as we venture
into the growing Chinese market,” said David Steiner,
CEO of Waste Management. “We see waste as a resource,
and we see international expansion of our waste-to-energy
business through our subsidiary, Wheelabrator Technologies
Inc, as a growth engine for us in the future.
Through this joint venture, SEG can bring increased operating
and technical efficiencies and solutions to the rapidly
growing Chinese waste-to-energy market.”
Together with Waste Management’s other renewable energy
initiatives, this growth will move the company more quickly
toward meeting its sustainability goal of doubling its
renewable energy production to provide enough power for
the equivalent of two million homes by 2020.