Canvest Environmental Protection : VOLUNTARY ANNOUNCEMENT AWARD OF CHANGNING WTE PLANT CONCESSION PROJECT

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CANVEST ENVIRONMENTAL PROTECTION

GROUP COMPANY LIMITED

粵豐環保電力有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1381)

VOLUNTARY ANNOUNCEMENT

AWARD OF CHANGNING WTE PLANT CONCESSION PROJECT

This announcement is made by Canvest Environmental Protection Group Company Limited (the "Company") on a voluntary basis.

The board of directors of the Company (the "Board") is pleased to announce that Canvest Kewei Environmental Investment (Guangdong) Company Limited* (粵豐科維環保投資(廣 東) 有限公司) ("Kewei") (formerly known as Dongguan Kewei Environmental Power Company Limited*), a wholly-owned subsidiary of the Company, was recently notified that it was awarded the concession right in relation to the waste-to-energy plant concession project located in Changning city of Hunan province (常寧生活垃圾焚燒發電項目) (the "Changning WTE Plant") by the Urban Management and Law Enforcement Bureau of Changning City* (常寧市城市管理和綜合執法局). A concession agreement in relation to the award of the tender (the "Agreement") was entered into in this regard. The Changning WTE Plant will be owned as to 55% by Kewei, 35% by Hunan Urban and Rural Environment Development Co. Ltd* (湖南省城鄉環境建設有限公司) and 10% by Changning City Shuikoushan Development Construction Investment Co. Ltd. * (常寧市水口山開發建設投 資有限公司).

Pursuant to the terms of the Agreement, the total daily municipal solid waste processing capacity of the Changning WTE Plant (the "Processing Capacity") shall be 1,000 tonnes. The Changning WTE Plant shall be constructed in two phases, of which the Processing Capacity of phase I shall be 600 tonnes and phase II shall be 400 tonnes. The concession period to operate the Changning WTE Plant shall be 30 years (including the construction period).

The Company will make further announcement(s) pursuant to the requirements under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited as and when appropriate.

By Order of the Board Canvest Environmental Protection

Group Company Limited

Lee Wing Yee Loretta

Chairlady

Hong Kong, 25 February 2021

As at the date of this announcement, the board comprises Ms. Lee Wing Yee Loretta, Mr. Lai Kin Man, Mr. Yuan Guozhen and Mr. Lai Chun Tung, as executive Directors; Mr. Feng Jun and Mr. Lui Ting Cheong Alexander, as non-executive Directors; Professor Sha Zhenquan, Mr. Chan Kam Kwan Jason, Mr. Chung Wing Yin and Mr. Chung Kwok Nam, as independent non-executive Directors.

* for identification purposes only