Holding company acquiring and operating clean energy businesses, Clean Vision Corporation (OTCMKTS:CLNV), on July 27, 2021 announced expansion of its subsidiary to cities including Santa Elena, Ecuador.
The agreement signed between Clean-Seas and Santa Elena, as well as agreements signed with cities like Naranjal and Milagro recently, makes three cities in Ecuador demonstrating commitment to long term Municipal Solid Waste feedstock agreements.
The cities will be deploying Clean-Seas’ pyrolysis technology. Santa Elena is a tourist hub attracting 2.5 million tourists per year. The letter of Intent, signed by City’s Mayor, Otto Vera Palacios, aims to establish public-private joint venture partnership.
With a population of over 500,000, Santa Elena accepts MSW from eight surrounding cities and is faced with a waste crisis as landfills reach capacity.
The agreement will reduce the pressure on existing infrastructure and ensure handling of MSW in an environmentally as well as financially responsible manner.
Dan Bates, Clean Vision Chief Executive Officer, said that this is a milestone for the Clean-Seas as it will bring about $100 million in total capital expenditures and diversify project portfolio over the multiple locations and jurisdictions.
Reinaldo Dos Santos, a Partner at EcoLibrium S.A, which has partnered with Clean-Seas, said that Ecuador is dynamic economy and one of the best places to invest in Latin America.
Bates further said that EcoLibrium is the type of partner any company pursuing aggressive expansion looks to collaborate with.
The firm is expecting commissioning in 2022 and Santa Elena facility will process 200 tons of MSW per day. Revenue generation from two-line facility, Clean-Seas’ JV partnership with GGII, will bring $13.5 million annually providing a project payback period of less than three years. The plant will also offset 70,000 carbon credits annually.
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