Biomass projects are Everbright Greentech's main source of revenues, and biomass resources are made of agricultural and forest waste. China’s Ministry of Finance released Document No. 6 (Notice on Reviewing the Subsidy List of Renewable Energy Power Generation Projects) in mid-March, specifying the requirements of being listed among the first state-subsidized biomass power generation projects in existence and the application procedures. Based on its understanding of Document No. 6 and preliminary statistics, Everbright Greentechmay have 12 projects meeting the application requirements with a total subsidy of some RMB 1.8 billion as of late 2019.
