AsianScientist (Aug. 9, 2011) – United Envirotech Limited, a Chinese water treatment and recycling solution provider, has entered into an agreement with an affiliate of Kohlberg Kravis Roberts & Co. L.P. (KKR) for a US$113.8 million convertible bond investment.
UEL provides engineering services using membrane technology to municipal and industrial waste water treatment projects, and also operates a portfolio of waste water treatment plants across China and the region.
Clients include petrochemical giants like China Petrochemical Corporation (Sinopec), China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC), and Sembcorp Industries in Singapore.
“In addition to bringing in capital to support our growth, KKR’s global network, strong operational capabilities and extensive local knowledge will add significant value to our future development,” said Dr. Lin Yucheng, Chairman and CEO of UEL.
“Together with KKR, UEL will continue to grow and cement its market leadership, contributing to the overall improvement of the environment in China,” he added.
According to the latest World Bank statistics, per capita water resources (or availability of water resources) in China are less than one third of the world’s average.
Through waste water treatment and recycling, an improvement of the water shortage and pollution problems in China may contribute to sustainable and environmentally friendly development in the country.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with US$61.0 billion in assets under management.
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Source: KKR.
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