A Joint venture company to be set up in Djibouti
Online PR News – 22-July-2011 – – Bangalore, July 20, 2011: Bangalore based VayuGrid, set up in 2008 has won and signed a long term contract around its VayuSap (elite Pongamia) IP. A Joint Venture Company, between the government of the Republic of Djibouti, Somatex-Multiplex- a local partner in Djibouti and VayuGrid will be set up in Djibouti under the PPP model between the three parties, which will create revenue hundreds of millions of dollars of its 70 year cycle for the phase from Biofuel, Biogas, Biomass supply to address the local energy security and job creation and entrepreneurship for the Republic of Djibouti. The phase I of the project will involve, VayuGrid to supply 500,000 VayuSap (elite saplings) for $ 625,000 to create a second generation bio fuels and Bio energy with a PPP model for a 1,000 ha and then to be replicated in clusters of 5,000 ha.
Gerard Rego, CEO of VayuGrid said that “The leadership in the government of Djibouti will be the start of what is truly a sustainable and inclusive model of Bioenergy and Biofuels.” With a sustainable triple bottom-line of People, Environment and Profitability it will turn a country with challenging environmental conditions into a local economic power in the decade around energy, creating a multi-billion dollar long term asset, he added.
The JV Company being set up in Djibouti with three partners who are equity owners will enable local capacity in processing; creation of Pongamia based downstream applications of biofuel (SVO) straight vegetable oil and Biodiesel for energy generation, mass transportation & logistics and agriculture based on diesel engine technologies of today around a green model.
Dr. Prasad, VP, VayuGrid, (Agri and Bioenergy Upstream) and a leading agricultural scientist said that “Elite Pongamia will establish itself in any environment, on any soil, in any climate, is a non-edible tree, non-invasive, fixes nitrogen in the soil, creates a Carbon sink and delivers sustainable yields over a sixty to eighty year period.”
VayuSap is the work of Dr. Prasad over decades as an internationally known scientist who served as Director of the Directorate of Oilseeds in India, AFDB with ten years of experience in Africa, World Bank and OAS and worked in Brazil and Panama.
Mahesh Shetty, CEO of Multiplex, said “The VayuSap IP and business model will value add tremendously to Djibouti as a country and in other countries including India. As an organization we are partnering as the VayuGrid partner to deliver all agri Bioenergy plantation services, and other high quality farm inputs to enable this strategic long term partnership.”
Going forward, VayuGrid is in discussion with potential partners in Ethiopia and other regions in Africa as well as in India. Gerard Rego is positive that VayuSap as a second generation biofuels model can actually turn India into a Green economy, creating tens of millions of jobs, energy security and creating carbon sinks, a model India will need in order to grow with current GDP projections and the energy deficit.
For more information please visit: www.vayugrid.com