CETY, Ashfield Ag Resources to co-develop $15m biomass facility
Low-carbon energy firm Clean Energy Technologies (CETY) will co-develop a $15 million (€12.6 million) renewable energy processing facility with Ashfield Ag Resources in Massachusetts, US.
The facility will use Heat Recovery Solutions' ‘revolutionary’ high-temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor). The Ashfield facility will convert around 10,000 tons per year of clean woody feedstock into around 16,500 MWh of electricity annually. Additionally, the facility will produce 1,400 tonnes of biochar and 26,000 MMBtu of heat per year.
The project will be operated from within the newly formed company and funded through a new special purpose vehicle, Ashfield Renewable Ag Development, with equity and debt secured by the project’s revenues.
Within the agreement, the parties have agreed that CETY will hold all rights to power purchase agreements revenues, feedstock site control and approved grid.
This project is the first of four anticipated renewable biomass projects by CETY and is expected to serve as a model for developing new projects to capture market share in this rapidly growing industry.
It also outlined a roadmap on how CETY intends to further capture and finance future projects utilising HTAP Biomass Reactor technology in the rapidly growing biomass renewable energy sector. CETY’s management believes it can secure additional biomass resources to deliver additional projects 10 times larger in future.
The facility will use Heat Recovery Solutions' ‘revolutionary’ high-temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor). The Ashfield facility will convert around 10,000 tons per year of clean woody feedstock into around 16,500 MWh of electricity annually. Additionally, the facility will produce 1,400 tonnes of biochar and 26,000 MMBtu of heat per year.
The project will be operated from within the newly formed company and funded through a new special purpose vehicle, Ashfield Renewable Ag Development, with equity and debt secured by the project’s revenues.
Within the agreement, the parties have agreed that CETY will hold all rights to power purchase agreements revenues, feedstock site control and approved grid.
This project is the first of four anticipated renewable biomass projects by CETY and is expected to serve as a model for developing new projects to capture market share in this rapidly growing industry.
It also outlined a roadmap on how CETY intends to further capture and finance future projects utilising HTAP Biomass Reactor technology in the rapidly growing biomass renewable energy sector. CETY’s management believes it can secure additional biomass resources to deliver additional projects 10 times larger in future.
