"EPV is investing heavily in emission-free energy production. The company runs comprehensive programs, which aim at increasing the share of renewable energy and expand such production that reduces emissions of climate gases and dependency on fossil fuels. Our investment in the NEFCO Carbon Fund is in line with these strategic attempts”, EPV’s Director Tomi Mäkipelto says.
The NeCF facility buys carbon credits on behalf of its investors. Governments and companies can use these units to help meet their greenhouse gas emission targets under the Kyoto Protocol or the EU Emissions Trading Scheme. NEFCO administers two carbon funds, namely the Baltic Sea Region Testing Ground Facility (TGF) which was launched in 2003 and the global NEFCO Carbon Fund launched in April last year. EPV’s investment is targeted at the latter NeCF-fund.
NEFCO's TGF is capitalised at 35 million euros and the NeCF's capital now amounts to 86.6 million euros after EPV’s initial investment. The NeCF's other investors are DONG Energy and the Industrialisation Fund for Developing Countries (IFU) from Denmark, the Danish Energy Agency, the Norwegian and Finnish governments, Finnish energy utility Kymppivoima Oy and NEFCO itself.
"EPV is the first investor company that has decided to earmark its whole NeCF-investment in projects generating emission reductions after the Kyoto Protocol's first commitment period. We are pleased that some far-sighted European companies are willing to show preparedness to invest in the future at a time when there are no guarantees of a new global climate deal", NEFCO's Senior Investment Manager Ash Sharma points out.
The NeCF buys both Kyoto and post-Kyoto carbon credits worldwide. The Fund has already contracted wind and hydro projects in China and is currently evaluating numerous projects in Africa, Southeast Asia and India.
For further information, please contact:
Senior Investment Manager Ash Sharma, NEFCO, tel. +358 400 811 327
Director Tomi Mäkipelto, EPV Energy, +358 50 370 4092
Communications Manager Mikael Sjövall, NEFCO, tel. +358 50 3535 045
NEFCO is an international financial institution owned by the five Nordic countries. NEFCO finances investments and projects in Russia, Ukraine, Estonia, Latvia, Lithuania and Belarus, in order to generate positive environmental effects of interest to the Nordic region. NEFCO currently administers funds to a total value of 339 million euros. www.nefco.org
EPV Energy is a nearly 60 year old Finnish energy company that possesses expertise in diverse domestic energy production. EPV focuses on emission-free and renewable energy production. The company runs comprehensive bio- wind- and nuclear programs aiming at increasing the share of renewable energy and reducing the usage of fossil fuels and cutting emissions of climate gases. The company’s turnover in 2008 was 165 million euros. www.epv.fi
