Clenergen Corp. (CRGE.OB) Reaches Agreement to Terms to Acquire 1.5MW Biomass Power Plant in Tamil Nadu, India
Today it was announced that Clenergen Corporation India Private Limited, a wholly owned subsidiary of Clenergen Corporation, has agreed on the terms to acquire a 1.5MW/Hr biomass power plant in Namakkal, Tamilnadu, which will be operational by yearend 2009. Recognized as one of India's National Demonstration Projects, the plant was shut down in 2007 due to operational cash flow constraints and its inability to remain profitable at a low tariff rate. However, under a Power Purchase Agreement between Power Trading Corporation of India Limited (PTC) and Clenergen India Private Limited, a higher tariff rate has now been agreed. The unit…