![Executive Director of IAST, Dr Suresh Narine [right] and Executive Director of Pinnacle Green Resources, Manu Basal.](https://i0.wp.com/www.inewsguyana.com/wp-content/uploads/2014/10/IAST-Meeting.jpg)
This was discussed and subsequently announced today, Monday October 13 following a meeting at the Office of the President between officials from the company and President Donald Ramotar.
It was stated that a total of US$30 million will go into the first phase of the three phase project and is expected at the end to provide employment for some 500 Guyanese.
The company is expected to build a facility which will see the production 200 tonnes of wood pellets a day to export to Europe. Also, the company will produce three tonnes of activated carbon per day from coconut shells which will benefit gold miners and the industry.
The last phase of the project will see the company using waste from the agriculture and forestry sectors to generate electric up to eight megawatts.
The Institute of Applied Science and Technology would be afforded a 5% equity in the projects. This will be done through its contribution to the projects.
President Ramotar welcomed the initiative. He said he has always encouraged the Institute to widen its research with the aim of making a contribution to commercial activities.
The opposition will create a dirversion to stop this project.