The first of the two Indian CDM projects involves implementation of a new wastewater treatment plant at a distillery in western India, which includes anaerobic treatment of spent wash (distillery effluent) and recovery of methane in an efficient manner to generate renewable energy. The second project involves the installation of a high pressure cogeneration unit utilising biomass residues at a sugar factory in the same region. These projects have the potential to reduce over 0.8 million tonnes of CO2 equivalents by 2020.
The NeCF has also signed final contracts (Emission Reduction Purchase Agreements or ERPAs) for 8 other projects in South East Asia including four small hydro power plants (less than 20MW installed capacity), a biomass project and a waste heat recovery power generation plant, all located in Viet Nam and an energy efficiency project under the Joint Implementation mechanism in Ukraine. In total, these ERPAs will procure emission reductions of 3.8 million tonnes of CO2 equivalents by 2020.
In addition, new Letters of Intent have been signed for 8 projects including wind, biomass, waste water treatment with biogas utilisation and small hydro power in Thailand, Viet Nam and China. These transactions will be concluded within the coming months to allow the projects to enter the CDM validation pipeline by the fourth quarter 2011 in order to allow sufficient time to achieve registration by 31st December 2012 in line with European Commission eligibility requirements for its Emission Trading Scheme.
NEFCO Vice President and Head of Carbon Finance and Funds Unit, Ash Sharma stated ” We are closing a large number of projects with a view to meeting the 12/12 registration deadline for EU ETS eligibility from projects not located in the least developed countries. Our ongoing operational focus will be on project cycle management to achieve this goal for the benefit of participants in the NeCF.”
NEFCO Carbon Fund (NeCF) procures emission reduction units on behalf of its investors enabling them to meet their commitments under the EU Emission Trading Scheme and the Kyoto Protocol. The NEFCO Carbon Fund (NeCF), which was established in 2008, has thus far invested in a 100% renewable energy and energy efficiency portfolio, primarily in wind and hydro energy projects in Asia and Latin America. In sum, these 22 projects account for over 11 million tonnes of CO2 equivalents of emission reductions by 2020. The NeCF now has access to total financial resources of EUR 165 million, raised from both sovereign and private sector actors.
For more information, please contact:
Ash Sharma, Vice President, NEFCO, +358 400 811 327
Maija Saijonmaa, Project Manager, NEFCO, + 358 50 344 5151
Mikael Sjövall, Communications Manager, NEFCO, +358 50 3535 045
NEFCO is an international financial institution owned by the five Nordic countries and mainly finances environmental-related projects and investments in Russia, Ukraine, Estonia, Latvia, Lithuania and Belarus, in order to generate positive environmental effects for the Nordic region. Its Carbon Finance and Funds Unit operates globally, and has assets under management including carbon finance facilities, climate guarantees and technical assistance products totalling EUR 222 million. NEFCO is also active in the development of new market mechanisms and climate financing for the post Kyoto policy environment. www.nefco.org/cff
