Beijing Enterprises Holdings (BEHL) has entered into an agreement with EQT Infrastructure II (EQT) to acquire German-based EEW Energy from Waste (EEW), for approximately €1.4bn.

Claimed to be one of the largest energy-from-waste firms in the country, EEW operates 18 waste-incineration facilities.

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The facilities generate process steam for industrial companies and district heating for residential areas, as well as environmentally compatible electricity for around 700,000 households.

BEHL executive director and vice-president Xinhao Jiang said: "EEW has an exceptional management team, solid track record, and strong expertise in constructing, operating and optimising state-of-the-art, energy-from-waste plants.

"We are confident that this transaction will introduce EEW’s operation excellence and know-how to the Chinese market."

"We are confident that this transaction will introduce EEW’s operation excellence and know-how to the Chinese market, and improve our operation efficiency and management standards of waste business in China."

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The Wall Street Journal reported that the facilities will generate around 1,900GW of electricity and 3,000GW of heat from waste every year.

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Subject to the approval of German Foreign Trade and Payments Ordinance, the deal is expected to complete in the second quarter of this year.

EEW CEO Bernard Kemper said: "EQT’s support and expertise have been instrumental to the optimisation of business processes at EEW, and have provided a solid foundation for the company’s further growth."

"We look forward to future success together with Beijing Enterprises Holdings, and to the continued development of the company."