Clenergen is Said to Become One of India's Largest Biomass Power Generating Companies in 2011
02 Junio 2011 - 1:26AM
Marketwired
Clenergen India Private Limited, a wholly owned subsidiary of
Clenergen Corporation (OTCQB: CRGE)(FRANKFURT: 9CE) signed a
Memorandum of Understanding with Aurobindo Agro Energy Private
Limited to acquire an 8.5MW biomass power plant located in
Klayarkoil, Tamilnadu. Following the acquisition Clenergen will be
operating 55.3MW of power generating plants in India, with
projected annual revenues of $50 million and gross earnings
estimated at $12 million.
The plant has a license to generate up to 21MW of electricity on
site, which includes 50 acres of land to support the expansion. The
plant is expected to generate revenue of US$6.5 million per annum
with an EBITA of $2.5 million. The power plant is located in a
region where local biomass (Prosopis Juliflora) is available year
round. Clenergen has already secured future power sales contracts
with corporate clients such as Coca Cola India and Tata coffee at
an average price of US$ 14 cents per KW.
Commenting on the acquisition, Mark Quinn, Chairman and CEO
said, "The power plant location is ideally located for the supply
of local biomass which will provide operating cost efficiencies and
increased profitability. The plant was granted a license to expand
to 21MW by the State Government in 2006 and has sufficient supplies
of local biomass to support the scale up of the operation. Within
30 km of the plant there is available over 1,300 acres of land that
can be sub let to support the cultivation of energy crop
plantations".
About Clenergen Corporation
Clenergen Corporation is a publicly-traded company with its
common stock quoted in the USA on the OTCQB 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.
Contacts: Clenergen Corporation investor@clenergen.com
www.clenergen.com
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