Punjab Biomass Power Ltd

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On 10th August 2006 the consortium formed by Bermaco Energy Systems Ltd, Gammon Infrastructure Projects Limited (GIPL) and Archean Granites Pvt Ltd. signed Power Purchase Agreement with the Punjab State Electricity Board (PSEB). The project involved setting up a 12 MW biomass power unit at Sawisinghwala in Patiala district of Punjab. This MOU was signed for 9 biomass power plant projects in various districts of Punjab state. Each separate biomass power plant project would have a 10-15 MW capacity which would be developed on a BOO basis. The PPA for the two of the nine biomass power plant projects has been signed for 20 years from the date of commencement of operations with Punjab State Electricity Board. The financial closure of this project pertains to only those biomass power plants for which the concession agreement has been signed. The consortium established Punjab Biomass Power Limited (PBPL), a special purpose vehicle, to implement the project. The consortium bagged the tender on a negotiated basis. Other bidding details were not available in public domain. The project involving the two units with a capacity of 24 MW for which PPA has been signed achieved its financial closure in August 2008. The project was expected to cost approximately USD 13 million.