No govt funding for waste to energy venture
October 16, 2019 12:50 pm
As the government explores potential partners with waste to an energy company, it’s clear that any new investor will not be getting any cash up-front.
The Ministry of Environment and Infinite Power Corporation have an agreement that set up plants and machinery will be paid for by the investor.
If confirmed, it’s a partnership worth tens of millions of dollars – but no taxpayers’ dollars will go into getting the business off the ground.
Infinite Power Corporation Chief Executive Robert Beam says he is ready to invest.
“We don’t want to be waiting for anybody else like the government to come up with funding. We’ve got our own funding and we’re just waiting for the okay from the minister that we want to move forward and then we are shipping it over.”
Minister for Environment Dr Mahendra Reddy also confirms the government’s only commitment is to provide land Infinite Power Corporation to set up its waste to energy plants.
The investor will also have to provide options for waste management in rural and maritime areas.
The venture will only get off the background checks come back clean and cabinet approval is given.