Located in New York, Clenergen has developed a unique supply of fuel for use with gasification, combustion, steam, pyrolysis oil and pelleting technologies. Today, Clenergen took a major step towards enhancing its future with the announcement that they have signed a 49 year lease for land in Tamlinadu, India for the supply of wood chips for their 32MW/h new biomass power plant.
The 49 year lease agreement was signed with the Jeer Mutt Religious Institution. Totaling 9,000 acres, the property contains 5,000 acres that are suitable for cultivation of Clenergen’s two species of tree and grass for the supply of fuel (wood chips) for the new power plant.
The quantity of the land is sufficient to supply up to 45MW/h biomass power plants. The land is unique in that it requires minimal infrastructure to plant Clenergen’s energy crops.
The company intends to float Clenergen India Private Limited on the SENSEX in March 2011 in order to raise $67 million in debt financing and $31 million in equity financing with the construction projected to generate $15 million in gross profits per annum.
Leading the way at Clenergen is their CEO Mark Quinn. When asked what this lease will mean to the future of Clenergen, Quinn was quoted as saying, “The leasing of this land in Tamilnadu allows the company to proceed with its public floatation and construction of a new 32MW/h biomass power plant near Tuticorin, Tamilnadu. The logistics provide a turnkey supply chain operation with power evacuation facilities within 15km from the site leased for the power plant. This is a further milestone towards our target of generating 500MW/h by 2014.”