Genesis Energy Holdings signs biomass power plant deal with China Grand Forestry Green Resources Group
17th March 2009
Genesis Energy Holdings, an oil and gas company, has signed an agreement with China Grand Forestry Green Resources Group for a potential joint investment in a biomass to energy project in China.
The 30MW biomass power plant was jointly developed by China Grand Forestry and the Zaoyang Municipal Government with an aim to transforming residual forest biomass into clean energy.
Terence S T Kong, chairman of Genesis Energy, said, ‘The Chinese government has placed the development of new energy as its priority for this year as the nation seeks to ease its energy shortage problem while upholding its pledge for sustainability. At present, coal accounts for two-thirds of China’s energy consumption, whereas new energy contributes no more than five per cent of the total, indicating a huge potential to be tapped while the country gradually removes its reliance on coal.’
Genesis Energy has recently moved into the waste incineration sector in China following a partnership with ZhongDe Waste Technology AG Industry, as well as the development projects of waste to power investments in Shanxi and Henan.
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March 17th, 2009 at 2:06 pm
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