Qingshanhu Wastewater Treatment Plant

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On January 16th, 2003, Berlinwasser International (BWI) signed a 20-year BOT contract for the construction and operation of the Qingshanhu Wastewater Treatment Plant with the Municipal Public Utility Bureau (MPUB) and the Wastewater Disposal Company (NSDPL) of the city of Nanchang, the capital of Jiangxi province in south-eastern China. The plant was to have a capacity of 330,000 cubic meters per day and was to purify the wastewater produced by over 1 million people in this city with a total population of around 3.5 million. To implement the contract, Nanchang Qingshanhu Project Co. Ltd was created as the project company which was owned by BWI (80%) and the state-owned Shanghai Environmental Protection Group (20%). BWI, in turn, was a wholly owned subsidiary of Berlinwasser Holdings. The project was to have a construction period of 18 months, followed by an operating period of 20 years with BWI taking over responsibility for the operation of the plant and the purification of the wastewater in accordance with environmental protection standards. Third Construction & Engineering Co. Ltd. of the Beijing Urban Construction Group was contracted as general contractor for the project. Total investment of BWI for the plant was RMB 232 million (US$ 28.02 million). The project finance agreement for CNY 200 million (approx. Euro 22.5 million) was concluded with the ICBC (Industrial and Commercial Bank of China). The construction works began in early 2003 and completion and commissioning of the plant was expected in October 2004. In January of 2006, Marubeni Corp. of Japan purchased an 80% stake in BWI from Berlinwasser Holdings for US$52 million. Updates of the investment of BWI was based on a survey. None