Infrastructure Leasing & Financial Services, which owns 51% stake in the company and Bermaco Energy with ownership of the remaining stake, will aid the projects’ development.
Bermaco managing director Monish Ahuja told Bloomberg that the companies are expected to raise INR8bn rupees ($15.2m) within February of 2013 for its next plant in northern Punjab.
Punjab Biomass has plans to set up seven additional projects with a 12MW capacity to supply power to Punjab State Power.
The company currently operates a 12MW plant in Patiala district in the state of Punjab.
According to the Ministry of New and Renewable Energy, India has the potential to generate power totaling 17,536MW from burning crop waste.
