Business Daily from THE HINDU group of publications
Sunday, Dec 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Dec 30, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Alliances & Joint Ventures Panax may invest Rs 21 cr in geothermal projects The joint venture will work in Puga valley near Leh in the Himalayas and in the Krishna-Godavari geothermal fields in Andhra Pradesh. Rahul Wadke Mumbai, Dec. 29 Geosyndicate Power Pvt Ltd, an IIT- Bombay business incubator, has joined hands with Panax Geothermal Ltd of Australia to develop geothermal energy projects in the country. Panax could invest Rs 21 crore for developing the projects. Geothermal energy is the heat emanating from within the earth, which can used for generating electricity and heating buildings.. Panax is listed on the Australian Stock Exchange and earlier it was know as Uranzo Ltd. According to sources in Geosyndicate, the joint venture will work in Puga valley near Leh in the Himalayas and in the Krishna-Godavari geothermal fields in Andhra Pradesh — for which Geosyndicate holds rights for exploration and development. The Geosyndicate also plans to move away from the IIT fold and form an independent energy company, sources said. Puga has potential to generate about 100 MWe of electricity. It is a part of the same Himalayan geothermal area, which extends into Tibet where the Yangbajing geothermal project is currently producing 25 MW. For Puga valley, the agreement between the companies includes a nine month option period at a cost of Rs 17.5 lakh to determine the suitability of the project for commercial development. Panax will hold 49 per cent stake in the project. The project could also receive support from the World Bank. In the Krishna-Godavari geothermal fields, the agreement has similar monetary conditions with a six month option period, subject to legal due diligence. More Stories on : Alliances & Joint Ventures | Non-conventional Energy
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