Namyangju City Resource Recovery Facility Private Investment Project Approved by Ministry of Economy and Finance Review

Namyangju City, Gyeonggi Province (Mayor Joo Gwang-deok) announced on the 26th that the designation of the project implementer and the draft implementation agreement for the private investment project (BTO-a) of the resource recovery facility have passed the Ministry of Economy and Finance review.

Bird's-eye view of Namyangju City Resource Recovery Facility. Provided by Namyangju City.

The Namyangju resource recovery facility is an environmental infrastructure (incineration facility) capable of processing up to 250 tons of waste per day, currently being promoted in the area of 488 Ipae-dong. The draft implementation agreement includes decisions on the total project cost and usage fees for this project.

Namyangju City and the entrusted agency, Korea Environment Corporation, enhanced the aesthetic landscape by negotiating with the preferred bidder to change the existing cylindrical chimney into an observatory chimney.

In addition, efforts were made to minimize costs for items such as construction costs, incidental expenses, and business preparation funds to reduce the usage fees that the city must pay over the next 20 years.

As a result, the usage fees were finally decided at a level much lower than those proposed in the third-party proposal announcement.

An expert involved in the negotiations said, “Considering the high-interest market environment and unstable economic conditions comprehensively, it was a successful negotiation,” and the Ministry of Economy and Finance approved the original plan without any significant objections during the review.

Namyangju City plans to thoroughly carry out subsequent procedures such as designation of the project implementer, signing of the implementation agreement, and approval of the implementation plan after hearing the opinions of the city council.

This content was produced with the assistance of AI translation services.