FDI project will also produce electricity from waste disposal process.
Mr. Nguyen Dinh Xung, Chairman of the Thanh Hoa Provincial People’s Committee, has signed documents allowing Naanovo Energy Inc. to invest in a $100 million waste disposal plant.
The plant uses burning technology that also produces electricity. Total funding for the foreign direct investment project is $101.6 million, with the plant occupying an area of 25 hectares with a capacity to handle 191,700 tons of waste per year together with electricity production.
Naanovo Energy will be entitled to preferential treatment under Vietnamese law and regulations in place in Thanh Hoa. The province must also make a written commitment to Naanovo Energy on the disposal price not exceeding $10 per ton.
During a site search at the end of last year, representatives from Naanovo Energy told Thanh Hoa leaders that the project is one of four it plans to implement in Asia this year and is its top priority.
Naanovo Energy is a global clean energy company with roots in North America. Its aim is to develop clean energy projects in regions of the world where demand for energy far exceeds supply and where alternative energy, or clean energy, is the preferred solution for producing electricity.
Since 2001 Naanovo Energy and its member companies have been circling the globe looking for project opportunities. In doing so it hopes to become a world leader in clean energy, beginning with WTE (waste-to-energy) and CSP (concentrated solar power) systems, with several projects now under development.