Earlier this year, Clenergen Corp. announced its first major power purchase agreement with the Power Trading Corporation (NASDAQ: PTC) of India for the purchase and sale of 71 MW of power, which is to be generated by Clenergen’s new biomass based power project in Tamilnadu. This purchase agreement has a value of up to $80.0 MM USD per year for 15 years, totaling to $1.2 Billion.
Clenergen India’s Honorary Chairman Dr. Arvind Pandalai, who has helped formulate various policies of the Government of India over a 32 year career, believes that his home country is the ideal place for Clenergen to initiate its global initiatives. He stated, “The expertise of Clenergen’s management team and the strength of its proposition at a time when India and the rest of the world is demanding cleaner, more accessible electricity are truly compelling.”
The residential and business communities of India will benefit tremendously from the uninterrupted supply of clean, sustainable energy, including job creation to service the project from launch in 2010. The project is planned to scale up in three Phases; Phase I of 6 MW followed by Phase II of 15 MW and Phase III of 50 MW.
Mark LM Quinn, CEO of Clenergen Corporation Limited, commented, “This will be the first of many long-term agreements with major power purchasers, utilities and industrial clients. Locally managed transactions like this one with PTC India, are at the core of our business model and can be duplicated in many countries of the world where energy supplies do not satisfy demand.”
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