Source : Business Times - 30 Jul 2008
KEPPEL Corporation has invested 40 million yuan (S$8 million) in a second Tianjin joint venture (JV) company that would take on infrastructure projects at the Sino-Singapore Tianjin Eco-City.
The world’s top offshore rig builder said yesterday that its subsidiary, Keppel Integrated Engineering, has taken a 20 per cent stake in a 200 million yuan JV - Tianjin Eco-City Energy Investment and Construction - with the remainder owned by Tianjin Eco-City Investment and Development Company (TECID) and Tianjin Jinneng Investment Company.
The new JV will focus on the investment and implementation of energy and utilities-related infrastructure, as well as the operations and maintenance of these facilities in the eco-city, said Keppel in a press release.
It will also look into developing and promoting renewable energy.
The Keppel unit had formed a separate 100 million yuan JV in June this year with TECID and Tianjin TEDA Company focusing on environment protection infrastructure for the eco-city. The eco-city is a JV between Keppel’s Singapore Tianjin Eco-City Investment Holdings and TECID. Launched last year, the city was part of a framework agreement involving Chinese Premier Wen Jiabao and Prime Minister Lee Hsien Loong.
To be completed in 15 years, the eco-city is expected to generate more than 15 per cent of its energy from renewable resources such as wind and solar power.
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