Veolia says a contract for steam production at the site of Hongda Chemical, a subsidiary of one of China's leading chemicals industry groups, is worth €335M over 10 years, a 20-year deal for the construction and operation of a chilled water plant to cool a Beijing data center is worth €188M, and a 25-year contract for the production of electricity and steam from biomass in Hebei province is worth €341M.
Veolia says it earned €1.25B in revenues in China during 2016, spread evenly between energy services, water and waste.
Veolia says the project will generate as much as 33.5 MW of electricity from 350K metric tons of waste that cannot otherwise be reused, recycled or composted each year.
The contract is another sign that Veolia is undeterred by the U.K.’s decision to leave the EU, following a recent £338M waste management contract with the London Borough of Camden and other smaller agreements.
Michigan's attorney general is suing French water company Veolia Environnement (OTCPK:VEOEY, OTC:VEOEF) for "botching" its role in Flint's drinking water crisis that exposed residents to dangerously high lead levels.
The lawsuit charges Veolia with professional negligence and fraud that caused Flint's lead poisoning to continue and worsen, and seeks damages that could total hundreds of millions of dollars.
Veolia was hired in February 2015 by Flint to address drinking water quality and produced at least one report and one public presentation that said the city's water was safe to drink, which the company knew was false, according to the lawsuit.
The delisting and termination of registration of the Paris-based utility “should provide cost-savings and eliminate certain additional costs linked to the company’s listing on two exchanges,” VE says, adding that trading of ordinary shares will be concentrated on Euronext Paris.
Veolia Environnement (NYSE:VE) +2.2% premarket, in a move attributed to a 60 Minutes segment last night discussing new evidence that the earth's groundwater is being pumped out much faster than it can be replenished.
So much groundwater has been pumped out of California's Central Valley that the U.S. Geological Survey says parts of the valley are literally sinking.
VE is not specifically mentioned in the 60 Minutes story.