Abengoa takes stake in Beijing-based GreenTech

Spanish desalination and energy contractor Abengoa has acquired 25% of the Beijing-based water company GreenTech.

GreenTech was established in 2004 and is a leader in the Chinese wastewater treatment and reuse market. It serves both municipal and industrial clients and has over 40 references in water treatment with a combined capacity of 2.1 million m³/d.

The deal is currently under the standard review process by the Chinese Government and is expected to be approved in the second quarter of the year. The acquisition comes as Abengoa is disinvesting from its Qingdao seawater desalination project.

Abengoa considers China to be a key market in its long-term strategy and was responsible for the design, construction, and finance of Qingdao, the first desalination plant in China contracted under a public-private partnership model.