The fund's target capitalisation is €50 million, of which €37 million has now been pledged. The initial investors were DONG Energy and NEFCO itself. The fund may close at, below or above this level, and is by invitation only. The initial round of subscriptions was invited until June 30th 2008, but the NeCF remain open to subscriptions and currently is in discussions with several other potential investors.
Ash Sharma, Senior Investment Manager, Carbon Finance and Funds at NEFCO, who heads the NeCF stated “We welcome the new investor from Denmark, as an experienced participant in the CDM and JI marketplace and look forward to strengthening our ties with Danish stakeholders, who have supported the NEFCO carbon funds and other investments in the past. This is also important in the run up to the Copenhagen conference to be held in December 2009 at which it is hoped a new global agreement on climate change can be reached."
The Fund is fully operational and held its inaugural Investors Committee meeting on July 1st 2008 in Humlebaek, near Copenhagen.
Information for Editors :
NEFCO is an international finance 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 interests to the Nordic region. Since 2004, it has been the Fund Manager of the Baltic Sea Region Testing Ground Facility (TGF) and in April 2008, it established the NEFCO Carbon Fund. The NeCF is directed at private investors, which have compliance obligations under the EU Emission Trading Scheme (EU ETS) and sovereign investors who are participants in the existing Kyoto fund managed by NEFCO, the Baltic Sea Region Testing Ground Facility (TGF).
The fund will place its capital in projects developed under the Joint Implementation and Clean Development Mechanisms. It will also consider procuring Kyoto compliant credits from the post-Kyoto period, 2013 onwards that are be eligible for the EU ETS.
The NeCF will invest in NEFCO's existing countries of operation, principally Russia and Ukraine, and China. However, the fund may selectively consider projects in other parts of the world through the Nordic Finance Group and the Nordic network. The Fund is fully operational and held its first Investors Committee meeting on July 1st 2008 in Humlebaek, near Copenhagen.
Read more on the Danish Energy Agency (in English)
For Further Information :
Ash Sharma, Senior Investment Manager, Carbon Finance and Funds, +358 40 081 1327
Mikael Sjövall, Communications Manager , +358 50 3535 045
