Adama Technologies Signs Final Accord for Romanian Renewable Energy Project

Adama Technologies, a clean technology company, declared that it has contracted a final accord for a clean energy project in Romania.

The company has signed for developing a 2.5 MW municipal gasification project utilizing waste in Bucharest, Romania with an assurance for regular supply of waste and purchase of power generated from the facility.

The gasification project will utilize the waste generated by the municipality to produce power. The project has signed a power purchase agreement with the local power utility companies at premium rates. For the supply of biomass, the project has signed a 10 year accord with the local biomass supplying companies for a period of 10 years with an option to extend the contract period for another 10 years.

The process for issuing permits for the project has already begun. The recently implemented changes in the related law and legal procedures have been streamlined and will assist in speeding up the process. The permits for this project are anticipated to be received in 3 to 6 months time. The project has already received an equity commitment for 15% out of the total capital investment required.