US firm to set up biomass plants in south India
October 20th, 2009 - 6:21 pm ICT by IANS ( Leave a comment )Chennai, Oct 20 (IANS) The Indian arm of the US-based biomass power company Clenergen Corp will set up two wood-fired plants with a combined capacity of 71-MW in southern India, a top official said here Tuesday.
Clenergen India will invest Rs.1,135 crore to set up the plants in Tamil Nadu and Karnataka, Mark Quinn, chief executive Clenergen Corp, told reporters.
“A 16-MW plant will be set up in Tuticorin and a 64-MW plant will come up in Mangalore,” Quinn said.
Clenergen India has hired ICICI Securities and Ernst and Young for raising Rs.312 crore debt from the domestic market for the project.
The Indian subsidiary has already entered into a 15-year power purchase agreement (PPA) with Power Trading Corp (PTC).
According to Quinn, the company needs around 4,000 acres in Tamil Nadu and 16,000 acres in Karnataka where it would grow trees that offer high biomass to fire its power plants.
“We have already signed up for 800 acres in Tamil Nadu with a religious institution. Discussions are on for another 1,200 acres and arrangements are being made for the acquisition of the balance 2,000 acres in Tirunelvelli district,” he added.
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Tags: acquisition, chennai, chief executive, crore, indian arm, indian subsidiary, karnataka, mangalore, mark quinn, mw plant, power plants, power purchase agreement, ppa, ptc, religious institution, south india, southern india, tamil nadu, trees, tuticorin
