LONDON Solvay Energy Services, CDC Climat and Japanese trading house Marubeni Corporation (8002.T) have formed a joint venture to finance an energy efficiency project at Solvay's (SOLB.BR) rare earth processing plant in France, the companies said.
The financial details of the deal were not disclosed.
The project involves revamping the gas turbine at the plant in La Rochelle and replacing the fuel oil boiler with a more efficient heat recovery steam generator which will reduce energy consumption and carbon dioxide emissions, the firms said in a statement.
The companies intend to undertake larger-scale projects to reduce energy use and emissions at Solvay plants and other facilities in Europe, they said.
Solvay Energy Services is a subsidiary of Belgian chemicals and plastics company Solvay SA, while CDC Climat CDCEC.UL is a subsidiary of French public investment group Caisse des Depots et Consignations.