Signs 49 Year Lease for 5000 Acres of Land in Tamilnadu, India for Supply of Wood Chips for 32MW/h New Biomass Power Plant
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NEW YORK, NEW YORK, May 05, 2010 (MARKETWIRE via COMTEX) -- Clenergen Corporation /quotes/comstock/11k!crge (CRGE 0.90, -0.14, -13.46%) signed a 49 year lease agreement with the Jeer Mutt Religious Institution for 5000 acres of land suitable for cultivation of its two species of tree and grass for the supply of fuel (wood chips) for a new construction of a 32MW/h Combustion Steam Biomass Power plant, to be located in land leased near Tuticorin, Tamilnadu.
The total land under lease and deposit in Tamilnadu with the Jeer Mutt Religious Institution's is 9000 acres, which is projected to generate 360,000 tones of wood chips. This quantity is sufficient to supply up to 45MW/h biomass power plants. The land requires minimal infrastructure in order to plant Clenergen's energy crops. Trials will commence in July 2010 and full scale planting, April 2011.
The company intends to float Clenergen India Private Limited on the SENSEX in March 2011 in order to raise US $67 million in debt Financing and US $31 million in equity financing. An Information Memorandum has been drafted by Ernst and Young, Bangalore, Karnataka and ICICI Securities, India as the Investment Bank. The 32MW construction is projected to generate US$ 15 Million in gross profits per annum. Clenergen has already secured a 15 year Power Purchase Agreement (PPA) with the Power Trading Corporation of India Limited (PTC), which will encompass the electricity generated from the Biomass Power Plant.
Commenting on the lease, Mark Quinn, Chief Executive Officer, said:
"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.
About Clenergen Corporation
Clenergen Corporation is a publicly listed company on the OTC stock market (symbol CRGE). Clenergen offers strategic Clean Energy Generation and sustainable fuel supply projects to address the requirement for renewable and sustainable supplies of power. Clenergen has developed a unique supply of fuel for use with gasification, combustion steam, pyrolysis oil and pelleting technologies.
By using proprietary and mixed biomass feedstock to implement sustainable supplies of clean energy to regional, Captive End Users, Mining Companies and through Government or Privately Owned National Grid Systems. The "Distributed Environmental Power System" marries significant proprietary advancements in plant science with proven long standing engineering technologies to achieve this goal. www.clenergen.com
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to our ability to complete the acquisition and establish our company as one of the leading biomass power and feedstock companies globally.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with clean technologies; changes in the operating costs and changes in economic conditions and conditions in clean technologies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we
Believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contacts:
Clenergen Corporation
Jessica Hatfield
Co-Founder and Environment Director
0044 (0)207 739 0028
0044 (0)207 657 3275 (FAX)
www.clenergen.com
NEW YORK, NEW YORK, May 05, 2010 (MARKETWIRE via COMTEX) -- Clenergen Corporation /quotes/comstock/11k!crge (CRGE 0.90, -0.14, -13.46%) signed a 49 year lease agreement with the Jeer Mutt Religious Institution for 5000 acres of land suitable for cultivation of its two species of tree and grass for the supply of fuel (wood chips) for a new construction of a 32MW/h Combustion Steam Biomass Power plant, to be located in land leased near Tuticorin, Tamilnadu.
The total land under lease and deposit in Tamilnadu with the Jeer Mutt Religious Institution's is 9000 acres, which is projected to generate 360,000 tones of wood chips. This quantity is sufficient to supply up to 45MW/h biomass power plants. The land requires minimal infrastructure in order to plant Clenergen's energy crops. Trials will commence in July 2010 and full scale planting, April 2011.
The company intends to float Clenergen India Private Limited on the SENSEX in March 2011 in order to raise US $67 million in debt Financing and US $31 million in equity financing. An Information Memorandum has been drafted by Ernst and Young, Bangalore, Karnataka and ICICI Securities, India as the Investment Bank. The 32MW construction is projected to generate US$ 15 Million in gross profits per annum. Clenergen has already secured a 15 year Power Purchase Agreement (PPA) with the Power Trading Corporation of India Limited (PTC), which will encompass the electricity generated from the Biomass Power Plant.
Commenting on the lease, Mark Quinn, Chief Executive Officer, said:
"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.
About Clenergen Corporation
Clenergen Corporation is a publicly listed company on the OTC stock market (symbol CRGE). Clenergen offers strategic Clean Energy Generation and sustainable fuel supply projects to address the requirement for renewable and sustainable supplies of power. Clenergen has developed a unique supply of fuel for use with gasification, combustion steam, pyrolysis oil and pelleting technologies.
By using proprietary and mixed biomass feedstock to implement sustainable supplies of clean energy to regional, Captive End Users, Mining Companies and through Government or Privately Owned National Grid Systems. The "Distributed Environmental Power System" marries significant proprietary advancements in plant science with proven long standing engineering technologies to achieve this goal. www.clenergen.com
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to our ability to complete the acquisition and establish our company as one of the leading biomass power and feedstock companies globally.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with clean technologies; changes in the operating costs and changes in economic conditions and conditions in clean technologies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we
Believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contacts:
Clenergen Corporation
Jessica Hatfield
Co-Founder and Environment Director
0044 (0)207 739 0028
0044 (0)207 657 3275 (FAX)
www.clenergen.com
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