Canvest WTE (IFC-36962)

Countries
  • China
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 14, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
CANVEST ENVIRONMENTAL PROTECTION GROUP COMPANY LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 103.99 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 137.31 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 1068
Converted using 2016-01-14 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 13, 2017

Disclosed by Bank Jan 20, 2016


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Project Description
Canvest Environmental Protection Group Company Limited (“Canvest” or “the company”) is a pure-play Waste-to-Energy (“WtE”) provider focused on the development, management and operation of WtE plants. The company’s business traced back to 2003 and the company was listed on the Hong Kong stock exchange in 2014. Canvest’s WtE business operations include both build-own-operate (“BOO”) projects and build-own-transfer (“BOT”) projects and is focused on operating large individual project size at above 1,000 tpd. Canvest has the experience of constructing greenfield projects as well as a track record of upgrading brownfield WtE plants operating on Coal Fluidized Bed (“CFB”) Technology to the Moving Grate Technology in order to meet more stringent emissions standards. The proposed IFC investment of up to HK$465,012,000, which is approximately equivalent to US$60 million Convertible Loan will support the company’s WtE business growth in China in the next two years. The company’s growth strategy entails a two-prong approach of acquiring brownfield projects for upgrade and expansion, and by securing greenfield projects.
Investment Description
  • International Finance Corporation (IFC)
The major shareholders of Canvest include Best Approach (BVI) with 65.1% shareholding and AEP Green Power with 5.2% shareholding. Best Approach (BVI) is indirectly owned by Mr. Lai Kin Man and Ms. Lee Wing Yee, Loretta, the Deputy Chairman and Chairlady of Canvest respectively. AEP Green Power is a Pre-IPO investor in Canvest and is an investment subsidiary of Asia Environmental Partners, L.P. and its parallel fund (“AEP”). AEP is a private equity fund with an investment focus on the renewable energy and environmental services industries in Asia. It was launched in 2008 by Olympus Capital Holdings Asia, a private equity firm.
Contact Information
George Law Address: Unit 6803B, Level 68, ICC, 1 Austin Road West, Kowloon, Hong Kong Telephone no.: (852) 2668 6596 Fax: (852) 2668 6597 Email: mailto:george.law@canvest.com.hk Website: http://www.canvestenvironment.com ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/