BUCHAREST (Romania), March 4 (SeeNews) – Clean technology company Adama Technologies said it has signed an agreement for a 2.5 megawatt municipal waste gasification project in Romania’s capital Bucharest with guarantee for float of waste and power purchase.
The Romanian project will use municipal waste residue to generate electricity. It will have the benefit of a power purchase agreement with the local grids at premium rates and a biomass supply agreement with local companies in each case for a term of 10 years minimum with option for another 10 years, Adama Technologies said in a statement.
The project has already received equity commitments for 15% of the amount to be invested. The permitting process has begun and recent changes in applicable law have streamlined this process so that permits can be expected in three to six months' time, the company said.
"This could potentially open up a market for the use of biomass in countries where municipal waste is huge problem. […] This also implement our Corporation need to expend our Clean tech abilities to other sectors," Aviram Malik, CEO of Adama Technologies, said in the statement.
Adama Technologies said in November 2010 that it will establish a landfill in Bucharest for the installation of a waste-to-energy system with the right to negotiate for renewable electricity generation or diesel production. The project is expected to generate a minimum of $30,000 (22,000 euro) a day and $10 million annually in the first year of its operation and up to $250,000 a day, or $100 million annually, in four years.
The company said then that it would install a municipal waste collection system and waste to energy solution in landfill sites in the surrounding area of Bucharest.
Adama Technologies Corporation (www.adama-tech.com), a Delaware-based company with headquarters in Israel, is a Brownfield Remediation Company whose foundation lies in its cleantech licensed patented technology.
($=0.7212 euro)
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