Today, Clenergen Corporation announced that it will acquire 100% controlling interest of UK-based Clenergen Corporation Limited, intending to establish the corporation as a global leader of Biomass Power Generation Companies.
CCL currently retains 100% controlling interest in Clenergen India Private Limited, a subsidiary company based in Chennai, designed to implement a 80MW per hour Biomass Power Plant. Recently, Clenergen India signed a 15 year Power Purchase Agreement with the Power Trading Corporation of India Limited, valued at $87,000,000 per year. The company has secured leases on 4000 acres of land in Tamilnadu and is in the process of obtaining land leases from the Government of Karnataka to cultivate 25,000 acres for the production of biomass from bamboo cultivation. Clenergen India is projected to float on the National Stock Exchange in India in December 2009 and intends to have engaged Ernst and Young to raise its debt and private equity requirements.
In April 2009, Clenergen Corporation Limited acquired the assets of Enhanced Biofuels and Technologies Limited, valued at $3,000,000. EBT provided 4 years of research and development of biofuels and bioenergy feedstock’s, conducted at its research laboratories in Coimbatore, India. Subsequently, the company identified a species of tree (Marjestica) and applied a Tree Adaptation Process (TAP) that increases their growth rate by up to 40% per annum. It also results in a continuous high volume yield per acre on an annual basis without replanting.
Dr Arvind Pandalai, Chairman of Clenergen Corporation commented, “The merger of our global operations under Clenergen Corporation positions the company to implement its agronomy program for the cultivation of biomass on a global scale and promote the use of carbon neutral gasification power plants throughout its region of operations”.