DGAP-News: CLENERGEN CORPORATION SIGNS AGREEMENT TO OPERATE A 27MW/h BIOMASS POWER PLANT IN INDIA
(firmenpresse) - Clenergen Corporation / Key word(s): Contract
30.11.2010 08:43
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Chennai, India - November 30th, 2010: Clenergen Corporation (OTC: CRGE -
BOERSE FRANKFURT: 9CE) today announced that it has entered into a
Memorandum of Agreement ('MOA') with SV Sugar Mills Limited ('SVS') to take
over operations of an existing 27MW/h biomass power plant (the 'Plant'),
located next to the Clenergen's own 18MW/h plant in Kancheepuram,
Tamilnadu, India.
SVS will be responsible for funding all capital expenditure relating to the
plant and, through an operating lease, Clenergen will be responsible for
running the Plant and supplying SVS with a proportion of the power output.
Once certain refurbishment works are complete, it is expected that the
Plant will operate at 80% capacity and generate a net 22MW/h of electricity
per annum, the balance of which will be sold through merchant power trading
contracts at premium tariffs.
In addition to operating the Plant, Clenergen intends to contract with SVS
for the supply of bagasse from its sugar mill during the six month sugar
cane season. Clenergen will use the bagasse as sustainable feedstock for
its 18MW biomass plant and due to the proximity of the 2 plants transport
costs will be dramatically reduced. The quantity of bagasse biomass in
season is sufficient to operate the power plant throughout the year.
Further collaboration between SVS and Clenergen is also being explored
whereby Clenergen intends to procure the biogas (methane) from SVS to fuel
a 2MW/h gas generator to be located at its existing 18MW/h biomass power
plant site. Also, as SVS's operations extend to the procurement of wood
chips from West Africa, SE Asia and South America. Clenergen and SVS are
exploring the options for collaboration on fuel stock supplies.
Commenting on the MOA, Mark Quinn, Executive Chairman of Clenergen
Corporation, said 'The agreement to operate SVS's 27MW plant has the
ability increase Clenergen's operating capacity to 51.5MW/h by the end of
2011 and to increase our projected run rate revenues to circa $40 million
per annum. We expect the biomass plant to be fully operational in the first
quarter of 2011 and we expect to operate the plant on a 24 hour basis
thereafter'.
About Clenergen Corporation
Clenergen Corporation is a publicly-traded company with its common stock
quoted in the USA on the OTC Market (Symbol: CRGE) and in Germany on the
First Quotation Board, Open Market of the Frankfurt Stock Exchange (Symbol
: 9CE) Clenergen offers strategic clean energy generation and supply of
biomass feedstock to address the requirement for renewable and sustainable
supplies of electricity. Clenergen has developed a unique modular system
for gasification and localized plantation management. Clenergen also plans
to provide biomass feedstock for producing wood pellets for co firing with
coal to produce low emission electricity.
Clenergen Corporation uses biomass feedstock to implement sustainable
supplies of clean energy for captive end users, islands, mining companies,
government or privately-owned power grid systems and other end users. The
'Distributed Environmental Power System' marries significant proprietary
advancements in plant science with proven long standing engineering
technologies to achieve this goal. For further information on Clenergen
Corporation and its products and services, go to: www.clenergen.com.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 (the 'Securities Act') and
Section 21E of the Securities Exchange Act of 1934 (the 'Exchange Act').
To the extent that any statements made in this press release contain
information that is not historical, these statements are essentially
forward-looking. Forward-looking statements can be identified by the use
of words such as 'expect,' 'plan,' 'will,' 'may,' 'anticipate,' 'believe,'
'should,' 'intend,' 'estimate,' and variations of such words.
Forward-looking statements are subject to risks and uncertainties that
cannot be predicted or quantified and, consequently, actual results may
differ materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without limitation,
those risks and uncertainties contained in this press release and those
identified in the periodic reports that the company files with the
Securities and Exchange Commission (the 'SEC') pursuant to the Exchange
Act.
Jessica Hatfield
Clenergen Corporation
Tel.: 0044 (0)207 739 0028
Fax: 0044 (0)207 657 3275
E-Mail: jhatfield(at)clenergen.com
www.clenergen.com
30.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Datum: 30.11.2010 - 08:43 Uhr
Sprache: Deutsch
News-ID 32749
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