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INVESTMENT holding firm Asia Tiger Group has signed a memorandum of understanding with a German waste-management company to explore joint projects in Asia.
Asia Tiger is also in talks to take an equity stake in its German partner that would allow it to participate in potential projects in Europe, it said.
The first project planned is a 240 million yuan ($51 million) plant in Bengbu, China, that will convert municipal solid waste to energy.
The project is designed to treat up to 800 tonnes of solid waste a day and convert it into fuel, which would be used to power a 12 megawatt power plant to be set up.
Asia Tiger said yesterday that it is already cooperating with the German firm, COMP-ANY, or C-A, through their shareholdings in UK-based waste management company Think Environmental.
Asia Tiger said last month that it expects its £pounds;2.9 million ($6.9 million) investment in Think Environmental to start paying off soon after the UK firm begins operations at a waste management site in Northamptonshire this month.
Asia Tiger, which also makes office equipment such as paper shredders, laminators and binders, has been diversifying into the renewable energy business.
Its latest agreement with C-A 'underlines Asia Tiger's commitment to its new strategic focus to invest on green and renewable energy projects', Tan Kuan Hong, chief executive of Asia Tiger, said in a statement yesterday.
Under the MOU, Asia Tiger and C-A Asia-Pacific, a wholly owned unit of C-A, 'will explore further cooperation through shareholdings in relevant business entities and explore the joint development of these projects - either as joint venture companies or other forms', Asia Tiger said. Its subsidiary Industrial Power Technology, a supplier of industrial biomass power plants, may also be involved in such projects, it added.
Asia Tiger also said it is in negotiations with C-A, which is in the midst of restructuring, to invest in 'a strategic shareholding stake' in C-A when its restructuring is completed. 'This would allow the company to participate in potential projects in Europe,' Asia Tiger said.
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