Velcan Energy sells last Indian biomass unit, turns focus on hydropower
(ADPnews) - Dec 20, 2010 - French renewable energy company Velcan Energy SA (EPA:MLVEL) said today it had sold its last biomass power plant in India, the 7.5 MW Satyamaharshi power facility in Andhra Pradesh, in line with its strategy to focus on hydropower development.
The company did not disclose any financial details of the deal, which will positively influence the 2010 report.
The biomass power plants in India facilitated Velcan's entry into the domestic power market. They were critical for the acquisition of hydropower concessions in the country, where the French firm now operates a 500 MW facility on the Yarjep river.
Velcan's plan is to turn all of its attention to hydropower. It is currently developing and operating hydroelectric projects in Laos, Brazil and India.