November 12, 2009 - The Chennai (India) based Clenergen India Private Limited, a wholly owned subsidiary of Clenergen Corporation (OTCBB: CRGE), a pioneer in clean energy generation, announces today that ICICI Securities Limited has agreed to the engagement as the Lead Merchant Banker for the fund raising exercise through issuance of equity shares in India

The Chennai (India) based Clenergen India Private Limited, a wholly owned subsidiary of Clenergen Corporation, announced today that ICICI Securities Limited has agreed to be the Lead Merchant Banker for the fund raising exercise through issuance of equity shares in India for Clenergen’s 16MW and 64MW gasification technology based power plants.

The cost of the two projects, which together will generate 80MW/Hr of clean, renewable electricity, has been projected to total US$ 236.47 million, out of which a sum of US$ 153.70 million is planned to be raised in the form of long term debt. This assignment has been mandated to Ernst and Young in India.

Out of the total equity component of US$82.76 million, US$65 million will be raised through a public floatation on the Indian Capital Markets, the rest being a combination of contribution to equity by Clenergen Corporation, USA and

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Today it was announced that Clenergen Corporation India Private Limited, a wholly owned subsidiary of Clenergen Corporation, has agreed on the terms to acquire a 1.5MW/Hr biomass power plant in Namakkal, Tamilnadu, which will be operational by yearend 2009.

Recognized as one of India’s National Demonstration Projects, the plant was shut down in 2007 due to operational cash flow constraints and its inability to remain profitable at a low tariff rate. However, under a Power Purchase Agreement between Power Trading Corporation of India Limited (PTC) and Clenergen India Private Limited, a higher tariff rate has now been agreed.

The unit is expected to generate net revenue of approximately US$1 million in its first year of operation. During the first phase of its operations in India, Clenergen will ramp up the capacity of this power plant to 10MW/Hr while installing two new biomass

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Today, Clenergen Corporation announced that it will acquire 100% controlling interest of UK-based Clenergen Corporation Limited, intending to establish the corporation as a global leader of Biomass Power Generation Companies.

CCL currently retains 100% controlling interest in Clenergen India Private Limited, a subsidiary company based in Chennai, designed to implement a 80MW per hour Biomass Power Plant. Recently, Clenergen India signed a 15 year Power Purchase Agreement with the Power Trading Corporation of India Limited, valued at $87,000,000 per year. The company has secured leases on 4000 acres of land in Tamilnadu and is in the process of obtaining land leases from the Government of Karnataka to cultivate 25,000 acres for the production of biomass from bamboo cultivation. Clenergen India is projected to float on the National Stock Exchange in India in December 2009 and intends to have engaged Ernst and Young to raise its debt and private equity requirements.

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