BEIJING - An investment group controlled by the Beijing municipal government has bought Germany's largest waste management company, EEW, for 1.4 billion euros ($1.5 billion).

This is the largest ever Chinese acquisition of a German company, Beijing Enterprises said in a statement on Wednesday.

"By learning about the latest German waste-to-energy technology and management expertise, we will help environmental protection in China and contribute to green development," said Zhou Si, vice chairman of Beijing Enterprises.

EEW is Germany's leading waste-to-energy firm. It operates 18 garbage incinerators in Germany and neighboring countries. In 2015, it turned 4,4 million tons of waste to energy.

Beijing Enterprises has several investment projects in Malaysia, Indonesia, Singapore and Portugal.