Auro Mira Bio Systems Kanyakumari Private Limited has received a $6.25 million (around Rs 28 crore) loan from the International Finance Corporation (IFC) for setting up an 18 megawatt biomass-based greenfield power plant.
The plant would come up in Kanyakumari district of Tamil Nadu. The project is expected to save 76,000 tonnes of carbon dioxide emissions annually.
The project will use local agriculture wastes like rubber wood, plywood waste, cashew nut shells, saw dust, and coconut shells. The power generated would be sold to the grid, commercial and industrial users, or to power-trading companies, a release said.
Auro Mira is a renewable energy company with interest in developing projects across wind, biomass, and hydro sectors.
“IFC’s clean energy focus and support to the project will help the company attract other strategic investors and partners for its growth plans in the future,” said N Srinivasan, chief executive officer, Auro Mira Energy. Auro Mira has committed to develop up to 300 mega watts from all renewable energy sources by 2012.