Clenergen Philippines Signs Strategic Partnership With PowerSource to Accelerate the Installation of Small Biomass Power Plants
25 Avril 2011 - 2:39PM
Marketwired
Clenergen Philippines Corporation, a wholly owned subsidiary of
Clenergen Corporation (OTCQB: CRGE)(FRANKFURT: 9CE) announced today
that it had signed a strategic partnership with PowerSource
Philippines, Inc to accelerate the installation of up to 30MW of
rural "off grid "renewable electricity to Philippine island
communities and major mining companies over the next three years,
with projected income in excess of $35 million per annum.
Currently, the majorities of island communities are supplied
electricity from diesel generators at an average cost of 23 cents
per KW/h and continues to face 12 hour black outs due to
inconsistent supplies of diesel. Powersource has been granted a
10-15 year exclusive franchise to generate and distribute power in
specified rural areas, and is the first Qualified Third Party
("QTP") certified under the Philippine Power Industry Reform Act.
PowerSource enjoys strong financial support from Credit Suisse
(US$25 million already invested), E+Co a US private equity fund
(US3.35Million in project financing facilities) and the Overseas
Private Investment Corporation (an arm of the U.S Treasury).
The strategic partnership will combine Clenergen proprietary
plant science for the cultivation of energy crops to supply small
biomass power plants that will be financed by PowerSource and then
distributed through PowerSource's transmission network. Both
parties will proportionally share in the revenues generated from
the cultivation of biomass and each party's sale of electricity to
both captive end users and the Philippine Government.
Commenting on the announcement, Miguel Patolot, Non Executive
Chairman of Clenergen Philippines said "the partnership will bring
into synergy the extensive experience of off-grid power generation
of PowerSource and the cutting edge plant science technology of
Clenergen. This partnership will provide infrastructure and
equipment financing to support the commercial rollout of energy
crop plantations throughout the island communities".
Frederick Lacroix, Chairman and Chief Executive officer of
PowerSource "We welcome this partnership and recognize the strength
of Clenergen in plant science and energy crop plantations. This
technology will insure our client's sustainable and competitively
priced electricity and allow accelerated growth throughout the
regions where we have been granted exclusive franchises".
About Clenergen Corporation
Clenergen Corporation is a publicly-traded company with its
common stock quoted in the USA on the OTCQB Market (Symbol: CRGE)
and in Germany on the First Quotation Board, Open Market of the
Frankfurt Stock Exchange (Symbol : 9CE) Clenergen offers strategic
clean energy generation and supply of biomass feedstock to address
the requirement for renewable and sustainable supplies of
electricity. Clenergen has developed a unique modular system for
gasification and localized plantation management. Clenergen also
plans to provide biomass feedstock for producing wood pellets for
co firing with coal to produce low emission electricity.
Clenergen Corporation uses biomass feedstock to implement
sustainable supplies of clean energy for captive end users,
islands, mining companies, government or privately-owned power grid
systems and other end users. The "Distributed Environmental Power
System" marries significant proprietary advancements in plant
science with proven long standing engineering technologies to
achieve this goal. For further information on Clenergen Corporation
and its products and services, go to: www.clenergen.com.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 (the
"Securities Act") and Section 21E of the Securities Exchange Act of
1934 (the "Exchange Act"). To the extent that any statements made
in this press release contain information that is not historical,
these statements are essentially forward-looking. Forward-looking
statements can be identified by the use of words such as "expect,"
"plan," "will," "may," "anticipate," "believe," "should," "intend,"
"estimate," and variations of such words. Forward-looking
statements are subject to risks and uncertainties that cannot be
predicted or quantified and, consequently, actual results may
differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, those risks and uncertainties contained in this
press release and those identified in the periodic reports that the
company files with the Securities and Exchange Commission (the
"SEC") pursuant to the Exchange Act.
Contacts: Clenergen Philippines Corporation James Wood 0044
(0)207 739 0028 investors@clenergen.com www.clenergen.com
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