Gammon Infrastructure Projects Ltd said its special purpose vehicle (SPV), Punjab Biomass Power Ltd has started its first biomass based plant of 12 MW at Patiala and is exporting power to the state grid.
The plant in which the company has 50% stake has been designed to use biomass fuel such as rice straw or husk and has sufficient stocks of fuel to operate till the next harvesting season, beginning from September, it informed Bombay Stock Exchange (BSE).
The SPV has entered a 20 years power purchase agreement (PPA) with Punjab State Electricity Board. As per the PPA, the current tariff for sale of power is Rs4.24 per unit of power.
On Thursday, Gammon Infra shares ended 2% higher at Rs28 on the BSE, while the benchmark Sensex closed 0.9% up at 17,616 points.
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