(Yicai Global) June 12 -- Zhejiang Energy Group will acquire a controlling stake in Jinjiang Environment Holding for SGD321.6 million (USD236 million), the Singapore-listed firm announced today.

The Hangzhou-based company will buy 29.79 percent of its shares [SG:245144] held by China Green Energy through a new firm set up overseas by its subsidiary Zhejiang Energy International to become the largest shareholder of Jinjiang Environment Holding and leverage this holding to tap into the environmental protection sector.

The deal is expected to close on Sept. 10.

Hangzhou-based Jinjiang Environment, which generates electricity by incinerating refuse, went public on the main board of Singapore Exchange in 2016.

Jinjiang Environment, with an installed waste treatment capacity of 29,240 tons each day and the sector's second-largest installed electricity generation capacity of 574 megawatts, has 20 waste-to-energy facilities in operation in China by the end of 2018. Its total installed waste treatment capacity will reach 67,256 tons per day after the 24 ongoing and proposed WTE projects go into operation.

Set up in 2001, Hangzhou-based Zhejiang Energy Group mainly plies the power plant construction, electricity and heating power generation, oil, coal and natural gas development and trade circulation, energy services and energy finance businesses.

Editor: Ben Armour