Clean Energy Technologies announces $53m power purchase agreement
VRG will exclusively sell all electric power and other related benefits from its 2.2-megawatt biogas facility in Lyndonville, Vermont, to VEPP.
The deal, anchored by the Lyndonville project's anticipated generator availability, is valued at $53 million (€49.4 million).
VRG Lyndonville has been qualified as a Farm Methane project under Vermont’s Standard Offer Programme.
Acting as the Programme Facilitator, VEPP will distribute renewable energy and other benefits from the VRG project to Vermont’s 17 electric distribution companies.
CETY will spearhead the facility's design, construction and operation, leveraging its innovative high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor).
The facility, which will be located in Lyndonville, will convert agriculturally derived organic material into renewable fuel gas and BioChar fertiliser as a byproduct.
The produced renewable gas will be converted into renewable electricity and heat.
Expected outputs are over 18,000 MWh of renewable electricity and 1,500 tons of BioChar annually, with a projected commission timeline within 12 months.
Site permitting and final engineering for the Lyndonville project has commenced.
“This project is the first of many anticipated renewable biomass projects and is expected to serve as a model for developing new projects to capture market share in this highly profitable and growing industry," said Kam Mahdi, CEO of CETY.
"By vertically integrating the biomass projects into our business, we are also able to grow our heat recovery business horizontally.
“Our new renewable energy biomass projects are expected to further expand our goal of becoming a complete solution for industrial and municipal scale projects in the strategic markets we are targeting.”