Adama Technologies Corp. was pleased to announce today that it has signed a Final Agreement for a renewable energy project in Bucharest, Romania. According to the release, the permitting process has already begun with recent changes in applicable law streamlining the process for faster approval.
The Romanian project will use municipal waste residue to generate electricity. The project will have the benefit of a power purchase agreement with the local grids (with guarantees of local companies) at premium rates and a biomass supply agreement with local companies in each case for a term of 10 years minimum with option for another 10 years.
“This is an excellent opportunity for Adama to work with municipal waste and to generate electricity. This could potentially open up a market for the use of biomass in countries where municipal waste is huge problem. We look forward to beginning work on this project and will continue to update our investors about the permit process,” stated Aviram Malik, CEO of Adama Technologies Corp. “This also implement our Corporation need to expend our Clean tech abilities to other sectors.”